Spotlight | BDO Network Bank (BDONB), the rural bank subsidiary of BDO Unibank, the largest bank in the Philippines in terms of assets, has over 400 branches, mostly located in the countryside and sales teams that reach out to clients, + Read:
“Rather than being an end in itself, financial inclusion is a means to achieve broader aspirations. Its goal is not merely providing universal access to financial services, but ensuring that these services truly enhance the financial health of their users,” the BSP noted in the National Strategy for Financial Inclusion 2022-2028.BDONB SLG Account Officers joined the Brigada Eskwela kick-off at DepEd Tapat-Division of Taguig & Pateros.
In pursuit of this goal, the Philippine financial system as a whole has made great strides in reaching out to unserved and underserved areas and communities in the country to promote inclusion. This has been particularly evident in the wake of the COVID-19 pandemic, which saw the meteoric rise in the use of digital financial platforms and e-wallets.Yet, the mission is far from over. According to the BSP’s Financial Inclusion Dashboard as of the third quarter of 2021, as much as 15.
“The common misconceptions that hinder Filipinos from accessing the formal financial system are the same reasons they turn to informal lending sources,” the lender said. The common belief that obtaining such loans is a tedious process that requires strict legal, documentary and collateral requirements is also untrue. BDONB said that documentary and collateral requirements for loans are prescribed primarily by the banking regulator, in this case the BSP, but these have been gradually relaxed over time to help improve financial inclusion.
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