GCash Collaborates with BSP and Key Stakeholders to Enhance Financial Inclusion

#GCash recently hosted its inaugural Inclusion in Action Summit. The event brought together key stakeholders, including government agencies like the Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), and National Economic and Development Authority (NEDA), as well as multilateral organizations such as the Asian Development Bank (ADB) and the United Nations Capital Development Fund (UNCDF). 

The summit served as a collaborative platform to reinforce GCash’s commitment to achieving “Finance for All,” a vision of an inclusive Philippines where every Filipino has access to financial tools and services.

 

Key Highlights from the Summit

• Commitment to Financial Health: GCash President and CEO Martha Sazon emphasized, “GCash is committed to helping Filipinos thrive every day, be ready for a rainy day, and be prepared for one day. The Inclusion in Action Summit allows us to understand the challenges underserved Filipinos face, enabling us to harness inclusive finance for economic development.”

• Progress in Financial Inclusion: Deputy Governor Bernadette Romulo-Puyat of the BSP highlighted that nearly 53% of retail payments are now digital, with 120 local governments adopting the BSP’s Paleng-QR Ph Plus program. This initiative promotes digital payments among market vendors, community shopkeepers, and tricycle operators, with GCash as a major partner.

• Digitalization and Economic Growth: Romulo-Puyat noted that a 1% increase in digital payments correlates with a 0.1% GDP increase and a 0.06% reduction in informal employment over two years. She stressed the importance of digital payments and financial inclusion in improving the financial state of every Filipino.

   

GCash’s Role in Promoting Financial Health

• Innovative Financial Products: Acting Director of the BSP’s Financial Inclusion Office, Mynard Bryan Mojica, explained that financial health can be promoted by developing products that allow consumers to spend wisely, build savings, borrow responsibly, and plan for the future.

• Digital Economy’s Impact: The Department of Finance highlighted that the digital economy contributes 8.4% to the GDP, underscoring the role of digital tools in achieving financial health.

• Alignment with AmBisyon Natin 2040: Promoting financial inclusion aligns with the Philippine government’s long-term vision, AmBisyon Natin 2040, which aims for strong family and community ties, a comfortable lifestyle, and a secure future for all Filipinos.

   

Summit Participants

The four-day Inclusion in Action Summit featured partners from government, multilateral organizations, and the industry, including BSP, DOF, NEDA, DTI SBCorp, ADB, GoodThinking Research, and UNCDF. The summit also explored inclusive workplace practices, featuring partners from the Philippine Business Coalition for Women Empowerment, Philippine Financial Inter-Industry Pride, and National Council on Disability Affairs.

FAQ

Q: What is the Inclusion in Action Summit? A: It is an event hosted by GCash to collaborate with key stakeholders and promote financial inclusion and health for every Filipino.

Q: Who were the key participants in the summit? A: Participants included government agencies like BSP, DOF, and NEDA, as well as multilateral organizations such as ADB and UNCDF.

Q: What initiatives were highlighted during the summit? A: Initiatives like the BSP’s Paleng-QR Ph Plus program, which promotes digital payments, and discussions on financial health and digitalization were highlighted.

Q: How does GCash contribute to financial health? A: GCash develops innovative financial products that help consumers spend wisely, build savings, borrow responsibly, and plan for the future.

Q: What is the significance of digital payments in economic growth? A: A 1% increase in digital payments is associated with a 0.1% GDP increase and a 0.06% reduction in informal employment over two years.

Q: How does the summit align with the Philippine government’s vision? A: The summit aligns with AmBisyon Natin 2040, the government’s long-term vision for a secure and comfortable future for all Filipinos.