Multi-sectoral working groups created for financial inclusion

Multi-sectoral working groups created for financial inclusion

Apr 13, 2022, 9:17 AM
Rose De La Cruz

Rose De La Cruz


Multi sectoral working groups have been formed to implement the National Strategy for Financial Inclusion. There are now 21 government agencies in the working groups and private sector stakeholders.

The creation of multi-sectoral working groups is the new strategy governance approach to support the National Strategy for Financial Inclusion 2022-2028.

Composed of 21 government agencies, the Financial Inclusion Steering Committee is the primary coordination body tasked to provide strategic direction and drive the implementation of the NSFI.

“Financial inclusion needs a whole-of-nation approach. The working groups will serve as an institutionalized platform for a broader set of stakeholders to actively participate in shaping and driving NSFI implementation,” said BSP Governor and FISC Chairman Benjamin E. Diokno.

Aside from government agencies, the working groups will have members representing, to date, 41 institutions which include industry associations, consumer advocacy groups, associations of local government units, development partners, academe, and other support institutions, according to a press release of BSP.

In a meeting held on April 4, 2022, the FISC approved the leadership and composition of the six working groups, each of which will focus on a specific theme based on the NSFI’s strategic objectives and implementation framework.

The FISC appointed the following agencies to chair the working groups: BSP (digital finance); Department of Education (financial literacy and consumer protection); Department of Trade and Industry (agriculture, MSME, and startup finance); Department of Finance (risk protection and safety nets); Department of Interior and Local Government (communication); and National Economic Development Authority (data).The working groups are expected to convene in May 2022.

The NSFI 2022-2028 was launched in January 2022 as a six-year blueprint to accelerate financial inclusion toward broad-based growth and financial resilience.

Tags: #BSP, #NSFI, #multisectoralworking groups, #financialinclusion

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