These regulations include those that streamline requirements for opening savings and investment accounts, and those that promote the delivery of financial services through digital means. If low-income earners and those from remote areas have access to savings and investment products as well as capital, this will help accelerate the process of poverty reduction.
As of the second quarter of 2019, outstanding microfinance loans from banks amounted to P23.9 billion, up 29.2 percent year-on-year. We expect to see increase in microfinance and other activities involving micro, small, and medium enterprises in the years ahead as we sustain our work on financial inclusion.