Toward a stronger banking system

The country’s financial sector this year showed significant progress in terms of inclusiveness. Just this month, the Philippines was recognized by the Economist Intelligence Unit as the third most conducive environment for financial inclusion in the world. The ranking was based on several indicators, which include government support and effectiveness of financial inclusion regulations. The country was also recognized as having the highest microinsurance coverage in East Asia in 2013 with 28.62% penetration ratio, study by Munich Re Foundation showed.

In a bid to sustain this upward momentum, the Bangko Sentral ng Pilipinas (BSP) has rolled out a series of reforms to further strengthen the country’s financial sector.