Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. emphasized the need for stronger partnerships with stakeholders to enhance the security, accessibility, and efficiency of the country’s digital finance ecosystem.
“First, we need a safer digital space,” Remolona said, citing the Anti-Financial Account Scamming Act (AFASA), which aims to combat fake accounts, fraud, and scams. He noted that the law’s implementing rules and regulations are currently being finalized.
To simplify digital banking, he highlighted the QR Ph payment system and the new Standard Business Loan Application Form (SBLAF), which streamlines payments and credit applications. “Launched last December, the SBLAF is short, user-friendly, and fully digital,” he added.
The BSP chief also pointed out that lifting the moratorium on digital banking licenses will encourage more digital banks to support small businesses in opening accounts and applying for loans.
“With these measures, digital finance is becoming more secure, more efficient, and more inclusive,” Remolona said.
Remolona, along with Microfinance Council of the Philippines Inc. chairperson Gilbert Maramba and Citi Philippines CEO Paul Favila, led the launch of the 4th Digital Financial Inclusion Awards (DFIA) at the BSP office in Manila.
The DFIA will recognize four microfinance institutions (MFIs) and 15 microentrepreneurs for their contributions to financial empowerment through digital innovation.
“Microentrepreneurs are the backbone of our economy. More than awards, the DFIA is a program that aims to give them greater access to resources and technical assistance in digital transformation so that they can reach their full potential,” Favila said.
Awardees will receive a ₱100,000 cash prize and laptops to support their digital transformation initiatives.