Third, we will also accelerate the establishment of institutions that will operate the management functions of the National Standard of Indonesian Chip Card Specification (NSICCS) that we are targeting to be established no later than June 30, 2017.
The banks have also empowered these clients to save, many of them for the first time. At present, these microentrepreneurs have accumulated savings of P 5.2 billion. In addition, the microfinance sector has become a market for microfinance products like micro-insurance and micro-housing loans. Because of the significant strides we have made together, the Philippines is considered a global leader in microfinance.