Tactical plans to achieve the National Strategy for Financial Inclusion (NSFI) objectives have been crafted by 15 government agencies that committed themselves in the development of the framework, the central bank reported.
Speaking at the NSFI Tactical Plans Exposure to the Private Sector event held on Monday at the BSP Complex in Manila, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said with the joining of the Department of Agrarian Reform and Department of Science and Technology, there are now a total of 15 government agencies championing the NSFI.
Pioneer agencies include: the Department of Finance, Department of Education, Department of Trade and Industry, Department of Social Welfare and Development, Department of Budget and Management, National Economic and Development Authority, Insurance Commission, Commission on Filipinos Overseas, Securities and Exchange Commission, Philippine Statistics Authority, Philippine Deposit Insurance Corporation, Cooperative Development Authority (CDA), and the BSP.
“These agencies each crafted tactical plans, a set of specific, measurable, achievable, realistic and time-bound (SMART) actions that contribute to the achievement of NSFI objectives, in line with their mandates,” Tetangco said.
These plans, together with a proposed measurement framework, were submitted to President Benigno Aquino 3rd in December 2015, he noted.
In that submission, the BSP Governor said NSFI agencies also proposed formalization of a Financial Inclusion Steering Committee to provide strategic guidance, strengthen coordination, and facilitate efficient implementation of initiatives enrolled under the NSFI.
“Some of you raised a similar suggestion during the NSFI consultations, with the intent to ensure sustainability of initiatives and accountability in progress monitoring. The proposed Executive Order (EO) is with the Office of the President for consideration,” he reported.
Launched in July last year, the NSFI provides a comprehensive and well-coordinate framework that will usher the promotion of a more efficient process to achieve shared vision and significant improvements in financial inclusion.