UN Special Advocate Queen Máxima Applauds GCash for Boosting Financial Inclusion in the Philippines

 

Her Majesty emphasizes the need for further efforts to establish a completely inclusive financial system.

H.M. Queen Máxima of the Netherlands, in her capacity as the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), is currently visiting the Philippines. During her visit, she praised GCash for its significant contribution to advancing financial inclusion in the country.

Her commendation was made during a meeting at the GCash headquarters in Bonifacio Global City, marking the beginning of her three-day visit to the nation.

UNSGSA Queen Máxima reflected on her previous visit to the Philippines in 2015 when only 17% of the population utilized mobile financial services. However, she noted that the landscape has dramatically changed today, with a significant number of Filipinos now having access to financial services, a development partly facilitated by #GCash

In 2015, three years post the launch of the GCash app, it had a user base of approximately 5 million. Fast forward to the end of 2023, and the app has been used by 94 million individuals, equating to 8 out of every 10 Filipinos.

Despite these strides, Her Majesty highlighted that the journey towards a fully inclusive financial system in the Philippines is far from over. To realize this goal, UNSGSA Queen Máxima stressed the importance of public-private partnerships in ensuring all Filipinos have access to and can utilize essential quality financial services, thereby enhancing their financial health and resilience.

Her Majesty’s visit to the GCash office on May 21 saw her being greeted by Martha Sazon, the President and CEO of GCash, Ernest Cu, Chairman of GCash’s holding company Mynt and President and CEO of Globe Group, and Fernando Zobel de Ayala, Director of Ayala Corporation. Other key stakeholders, including JT Solis, Co-founder and CEO of Mayani, a crucial partner of GCash in providing fair lending and financial literacy training to farming and fishing communities, and Mynard Mojica of the inclusive finance advocacy unit of the Bangko Sentral ng Pilipinas, were also present to welcome The Queen.

Sazon expressed that GCash has been unwavering in its mission of Finance for All. She highlighted that the platform has significantly increased Filipinos’ access to vital financial services such as savings, insurance, and lending, particularly for unbanked and underserved communities.

Hosting Queen Maxima in our office, in her role as UN Secretary General’s Special Advocate for Inclusive Finance for Development, has been an honor. We have gained valuable insights from our conversation with Her Majesty and pledge to continue advocating for financial inclusion in the Philippines," stated Martha Sazon, President and CEO of GCash.

According to the latest data from the BSP, digital platforms have played a pivotal role in enhancing Filipinos’ access to essential financial services. In 2019, only 29% of the Philippine population had access to bank accounts. However, by 2022, this figure had risen to 65%. Other financial services have also seen increased accessibility, with credit expanding from 2% in 2014 to 8% in 2021; insurance from 23% in 2019 to 51% in 2021; and investments growing from 1% in 2020 to 2% in 2021, as per data from the Philippine Stock Exchange (PSE).

FAQs

1. Who is Queen Máxima? Queen Máxima is the queen consort of the Netherlands. She is also the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA).

2. What is GCash? GCash is a mobile wallet app that provides Filipinos with access to a wide range of financial services such as savings, insurance, and lending.

3. What is financial inclusion? Financial inclusion refers to the availability and equality of opportunities to access financial services.

4. How has GCash contributed to financial inclusion in the Philippines? GCash has played a significant role in increasing Filipinos’ access to essential financial services, particularly for unbanked and underserved communities. It has helped boost the percentage of the population with access to bank accounts from 29% in 2019 to 65% in 2022.