Philippine Commission on Women Becomes Newest Member of Financial Inclusion Steering Committee

The Financial Inclusion Steering Committee (FISC), the interagency body leading the implementation of the National Strategy for Financial Inclusion (NSFI), welcomed the Philippine Commission on Women (PCW) as its newest member. The PCW is the government’s primary policymaking and coordinating body on women and gender equality concerns.  Its aim to promote women empowerment through access to financial services is thus well-aligned with the goals of the NSFI.

 

For several years now, the Philippines is one of the few countries in the world that has gender gap in favor of women and features a significant number of women-led micro, small, and medium enterprises (MSMEs).  Sustaining meaningful gender inclusion outcomes under the NSFI necessitates deliberate and coordinated whole-of-government efforts that the FISC aims to facilitate.

 

The membership of PCW in the FISC will further enrich discussions and deepen multi-sectoral collaboration toward promotion of access to welfare-enhancing financial services and economic opportunities for women, especially those in the informal and marginalized population, as well as small business sector.

 

About the NSFI and FISC

 

Launched in July 2015, the NSFI provides the framework for the government and private sector to take a coordinated and systematic approach towards the development that is inclusive and responsive to the needs of all Filipinos.  The NSFI has led to the development and rollout of key financial inclusion initiatives by serving as a platform for engagement and collaboration among government, industry, and relevant stakeholders.

 

The FISC, tasked with guiding and overseeing programs and activities under the NSFI, was formally established in 2016 through Executive Order No. 208.  The FISC is chaired by the Bangko Sentral ng Pilipinas (BSP) and is currently composed of 20 government agencies instrumental in promoting financial inclusion in the country.

 

Source: Bangko Sentral ng Pilipinas (BSP)