BSP eyes 70% of Pinoys having bank account

By Julito G. Rada

BANGKO Sentral ng Pilipinas Gov.

Eli Remolona Jr. is confident that the target of having 70 percent of adult Filipinos own a bank account by the end of the year remained achievable.

In his speech during the BSP 30th anniversary reception for the Banking community Friday night, Remolona said the payment system is one of the challenges the country is facing, aside from the elevated inflation rate.

The BSP’s financial inclusion survey in 2021 showed that 56 percent of adults in the country have a bank account, a significant increase from only 23 percent in 2017.

“We’re confident we will reach our target of 70 percent by this year,” Remolona told the bankers.

“We’re not stopping here. These accounts should provide the opportunity for people to build savings buffers, invest in their future and more actively participate in the digital economy. Programs like Paleng-QR help digitalize crucial value chains of merchants and SMEs,” he said.

The BSP also aims to have half of the retail payments in the country digitalized by the end of the year.

“At last count, 42 percent of retail payments were in digital form. This is up from just one percent ten years ago. That proportion should hit our target of 50 percent this year,” he said.

He said the BSP has given licenses to 258 digital payment providers. Over time, he expects competition and network effects to result in a system where the most innovative, efficient and responsible providers truly respond to the needs of customers.

Holy Mass at Libingan marks

FVR’s first death anniversary

THE family of the late former President Fidel V. Ramos marks on Monday his first death anniversary with a 9 a.m. Holy Mass on his gravesite at the Libingan ng mga Bayani in Fort Bonifacio, Taguig City. Ramos, the 12th President of the Philippines, who was popularly called by his initials FVR, died on July 31, 2022 at the age of 94.

Former First Lady Amelita “Ming” Ramos, their children, grandchildren, relatives, former cabinet members, and friends in the military and private sector will lead the solemn observance ceremony.

As a devoted public servant and military officer and later as Chief Executive, FVR had developed three practices of leadership which he repeatedly included in his speeches.

These are “unity, solidarity and teamwork; kaya natin ito! (we can do it!), and work as you pray, and pray as you work.

While still in the active military service, Ramos was hands on to preserve the country against attacks by rebel forces.