Expanding financial inclusion to fight poverty, pandemic

The adverse impact of the coronavirus disease 2019 (Covid-19) pandemic has not spared the Philippine banking industry. The ongoing health crisis pushed issues over money and finances to the fore among workers and the business sector at no time in recent memory.

Access to money through automated teller machines and digital platforms boomed as banks closed during the quarantine imposed to contain the spread of Covid-19. Almost all businesses stopped operations. Both the small business worker and its owner depended on government subsidy to tide them over until restrictions are lifted and operations could resume.