What better way can we accelerate financial inclusion than by promoting a more extensive use of financial technologies or fintech. With the high penetration rate of mobile phones in the country, where even low-income earners own cell phones—the ability of fintech to accelerate financial inclusion is well recognized.
While we are leveraging on fintech, a lot of work still needs to be done before the Philippines becomes a truly financially inclusive economy. Many Filipinos still do not own bank accounts, and so are unable to access loans and other financial services from formal channels. Nevertheless, we are working our way there. First, internet and mobile phone banking.