Queen Máxima of Netherlands join BSP for inclusive finance
Her Majesty Queen Máxima of the Netherlands, who recently flown in as the United Nations Secretary-General's Special Advocate for Inclusive Finance for Development (UNSGSA), has joined hands with the Bangko Sentral ng Pilipinas (BSP) for the promotion of financial inclusion in the country.
BSP Deputy Governor Bernadette Romulo-Puyat and Queen Máxima conducted field visits in Rizal province on May 21 as part of a series of engagements for financial inclusion.
Puyat said that "BSP is honored to have been a part of this initiative that highlights the importance of financial inclusion and financial health in promoting economic growth and improving the lives of individuals in underserved communities.”
As part of Queen Máxima’s three-day engagement in the Philippines, the BSP noted that these field visits underscore the importance of inclusive finance for sustainable development, a key advocacy of the BSP.
This is the second time UNSGSA visited the Philippines. The first was in 2015 and at the time, Queen Máxima also attended the launch of the original National Strategy for Financial Inclusion (NSFI). The NSFI serves as the principal document outlining the country’s vision for financial inclusion. In 2022, the NSFI was updated to empower more Filipinos to enhance their financial resilience, contributing to inclusive and sustainable development.
In a statement Friday, May 24, the BSP said Queen Máxima actively engaged with a local fishing community in Talim Island to learn about the impact of digital financial services being provided by a microfinance-oriented rural bank.
According to the BSP, “Queen Máxima emphasized the significance of access to credit and a broad range of insurances in sustaining the economic stability and advancement of the residents.”
The BSP named several of the local fisherfolks such as Leonel Alviso, who has availed of digital financial services offered by a rural bank, which helped him get access to credit that has “enabled him to grow, invest, and enhance his income” as well as to have insurance cover.
Another digital financial services beneficiary is cash agent Rosalyn Nido Villaflor, who attested to the significance of having cash agents in the island and enabling residents to conduct transactions locally without the need to travel elsewhere, said the BSP.
The central bank said Queen Máxima also explored GrowSari which is a digital platform for loans, fast delivery of inventory, and services, such as bill payments, ticket purchases, and mobile phone top-ups.
“Aubrey Udag, a GrowSari client, discussed with the UNSGSA the significant impact of GrowSari’s streamlined ordering process, efficient delivery services, and convenient payment options in enhancing the profitability of her business,” said the BSP.
It added that through these services, Udag was able to expand her operations and successfully open a second store. “She also expressed her aspiration to establish a new store in Zambales province to provide a sustainable income opportunity for her husband, a seafarer overseas, so he can remain close to home,” said the BSP.