The Market Monitor Minding the Nation's Business
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. emphasized the need for strong partnerships with stakeholders to enhance the security, accessibility, and simplicity of the country’s digital financial ecosystem.
Speaking recently, Remolona highlighted the importance of ensuring a safer digital space, citing the Anti-Financial Account Scamming Act (AFASA), which aims to combat fraud, scams, and fake accounts.
The law’s implementing rules and regulations are currently being finalized.
He also underscored the drive for simpler digital banking, pointing to initiatives such as QR Ph, the national QR code standard for payments, and the new Standard Business Loan Application Form (SBLAF), which streamlines payments and credit applications. Launched last December, SBLAF is designed to be short, user-friendly, and fully digital.
Expanding digital access is another priority, according to Remolona. He noted that the lifting of the moratorium on digital banking licenses would allow more digital banks to assist small businesses in account opening and loan applications.
“With these measures, digital finance is becoming more secure, more efficient, and more inclusive,” he said.
The BSP chief made these remarks during the launch of the 4th Digital Financial Inclusion Awards (DFIA) at the BSP office in Manila.
The event, led in partnership with Microfinance Council of the Philippines Inc. chairperson Gilbert Maramba and Citi Philippines CEO Paul Favila, recognizes leaders in digital financial transformation.
DFIA will honor four microfinance institutions (MFIs) and 15 microentrepreneurs who have successfully advanced financial empowerment through digital innovation. Winners will receive P100,000 in cash and laptops to support their digital transformation initiatives.