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Manila Bulletin devider Business devider ADB loan to boost financial inclusion—DOF

ADB loan to boost financial inclusion—DOF

Published Aug 24, 2020 05:00 am

The Department of Finance (DOF) said the Asian Development Bank’s (ADB) $300 million loan to the Philippines will help the government reach its financial inclusion targets.

Finance Secretary Carlos G. Dominguez III said this as he thanked ADB for its support to the government’s program in digitalizing the country’s banking and payment systems, critical to the Duterte administration’s socioeconomic agenda.
           

 Last Friday, the Manila-based lender announced the approval of a $300 million policy-based loan to the Philippines under the ADB Inclusive Finance Development Program, Subprogram 2.

“This ADB facility will support the accelerated rollout of the National Identification System, which will enable more Filipinos to open bank accounts and speed up the delivery of social assistance programs,” Dominguez told reporters.

Dominguez noted that COVID-19 has underscored how important digital systems and contactless transactions are for economic resilience.

 “Filipino families will be less vulnerable to onerous lending practices, and government subsidies can reach beneficiaries faster and more efficiently,” the finance chief said.

 Data from the Bangko Sentral ng Pilipinas showed that digital financial transactions surged by over 70 percent in volume and 42 percent in value during the lockdown in March to May this year.

 “The loan will also support the strengthening of agriculture value chains, financial literacy in basic education, digital payments, and Islamic banking,” he added.

 But Dominguez also assured that even with this new P300 million loan from ADB, the national government’s debt position will remain strong and sustainable. 

“More importantly, returns of this public investment will accrue to millions of working Filipino families and small businesses who are currently excluded from the financial system,” Dominguez said.

 “It will also boost our efforts to build our economy back better. We welcome this development and thank the ADB for being a dependable partner in these challenging times,” he added.

 According to the 2017 Global Findex Survey, the Philippines ranked among the lowest in Southeast Asia on almost all financial inclusion indicators.

Only 34 percent of Filipino adults have an account at a formal financial institution, compared with 49 percent in Indonesia, 82 percent in Thailand, and 85 percent in Malaysia.

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