Overall, however, there is the primordial challenge of remaining a relevant and viable going concern amidst these changes. In the BSP, the development of an inclusive financial system that supports inclusive growth is an institutional imperative. Our objective is to reduce poverty by enhancing access to financial services, promoting financial education and strengthening financial consumer protection.
In this connection, the BSP is working with 14 government agencies and other organizations to facilitate the implementation of the National Strategy for Financial Inclusion in a cost-efficient manner. Also clear and present in the pipeline for the BSP is the implementation of a National Retail Payment System that will speed up the mainstreaming of unbanked Filipinos into the financial system.