FINANCIAL INCLUSION ROAD SIGN ANALYSIS
Bangko Sentral ng Pilipinas with Illustrations from CIBI Information, Inc. | 26 November 2016
The Bangko Sentral ng Pilipinas (BSP) defines financial inclusion as a state wherein there is effective access to a wide range of financial products and services by all.
“Effective access” does not only mean that there are financial products and services that are available but also encompasses four broader components as depicted in the diagram. Aside from physical access to financial products and services, these products and services must be appropriately designed, of good quality and relevant to lead to actual usage that can benefit the person accessing the said service.
“Wide range of financial products and services” refers to a full suite of basic products and services such as savings, credit, payments and remittance, insurance, and investments for different market segments, particularly those that are traditionally unserved and underserved.
Crucial to the work in advancing financial inclusion is a comprehensive and robust data framework. This is important in monitoring progress, identifying gaps, establishing priorities and crafting evidence-based financial inclusion policies. At present, there are available information coming from financial service providers (i.e., supply-side) but these do not present a complete picture of financial inclusion in the country.
The National Baseline Survey on Financial Inclusion (NBSFI) is the first nationally representative survey of Filipino adults dedicated to collect financial inclusion data from the perspective of the actual and potential users of financial products and services (i.e., demand-side). It aims to provide a more holistic picture of financial inclusion in the Philippines in terms of access, usage, quality and perceived welfare.
Here are some of the highlights of the NBSFI report as illustrated by the CIBI Information, Inc.
You may view the whole report by clicking this link.