The Bangko Sentral ng Pilipinas (BSP) on Thursday credited government agencies, banks, and other stakeholders for helping expand financial inclusion in north Luzon.
“We were strict in selecting the most outstanding stakeholders, and among the criteria was the effort they have done beyond their jobs,” BSP Deputy Governor Bernadette Romulo-Puyat said on the sidelines of the recognition program for north Luzon stakeholders at the Baguio Country Club.
Romulo-Puyat said their efforts have gone beyond their regular mandates to promote financial literacy, digital payments, and fraud prevention.
She said some banks accept unfit banknotes from the public even if the individuals are not their clients, while others conduct financial education campaigns encouraging people to open bank accounts and use e-wallets.
“We want to recognize our stakeholders, government agencies, commercial banks, and the Department of Trade and Industry because they are helping us in our currency fitness education. People can also go to them to exchange unfit banknotes,” Romulo-Puyat said.
She added that many partners also support BSP’s digital economy initiatives by educating the public on safe digital transactions and helping prevent online scams and fraud.
Romulo-Puyat said financial education programs on budgeting, savings, financing, and cybersecurity, including reminders not to click suspicious links or share personal information, have become increasingly important as more Filipinos adopt digital financial services.
She also cited efforts to educate micro, small and medium enterprises on sound financial management.
“Many people want to adopt the digital economy, but fear of scams remains a concern, making our stakeholders’ information campaigns even more relevant,” she said.
Romulo-Puyat said the region had 231 banks and 49 money service businesses as of 2025, helping expand access to financial services.
She said financial inclusion in the region has reached 58 percent, driven in part by government programs requiring beneficiaries to receive financial assistance through bank accounts or e-wallets instead of cash, reducing long lines and making payouts more convenient, particularly for low-income households and farmers.
She said opening a bank account has also become easier, with only one valid identification card now required.
Banks, likewise, offer Basic Deposit Accounts, which require only a PHP100 initial deposit and have no maintaining balance or dormancy fees.
“For PHP100, we can already open an account, save, and invest,” she said.
In a message delivered during the event, BSP Governor Eli Remolona Jr. described north Luzon as a key partner in advancing the Paleng-QR PH Plus program because of its diverse communities and the growing number of transport workers, consumers, and businesses participating in the digital economy.
“Our presence here gives us a better understanding of the communities we serve and strengthens our efforts to protect them against financial fraud,” Remolona said.
The Paleng-QR PH Plus is a digital payment program that helps public market vendors, local tricycle drivers, and small business owners accept cashless payments using mobile phones.
The BSP recognized 15 outstanding partners for their commitment to advancing financial inclusion, promoting financial literacy, and strengthening public trust in the country’s financial system. (PNA)
