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CRAFTING FRAMEWORKS FOR EFFECTIVE FINANCIAL INCLUSION The Philippine Experience

CRAFTING FRAMEWORKS FOR EFFECTIVE FINANCIAL INCLUSION The Philippine Experience. Accelerating Financial Inclusion in Asia and the Pacific Waikiki Resort Hotel, Honolulu September 15, 2011 UNDERSECRETARY GIL S. BELTRAN Department of Finance – National Credit Council Philippines.

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CRAFTING FRAMEWORKS FOR EFFECTIVE FINANCIAL INCLUSION The Philippine Experience

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  1. CRAFTING FRAMEWORKS FOR EFFECTIVE FINANCIAL INCLUSIONThe Philippine Experience Accelerating Financial Inclusion in Asia and the Pacific Waikiki Resort Hotel, Honolulu September 15, 2011 UNDERSECRETARY GIL S. BELTRAN Department of Finance – National Credit Council Philippines

  2. WHERE WERE WE BEFORE • Absence of financial inclusion policy • Proliferation of subsidized government credit programs • Unsustainable private financial institutions dependent on government cheap funds • Lack of access by the poor from formal financial services • Low outreach of government credit programs • Undisciplined borrowers • Weak private sector participation

  3. MEETING THE CHALLENGE

  4. PROCESS UNDERTAKEN

  5. WITH CONSENSUS

  6. THE NEW PARADIGM

  7. TO ENSURE ADOPTION. . .

  8. TO ENSURE ADOPTION . . .

  9. A SNAPSHOT

  10. AS A RESULT . . .

  11. TODAY

  12. ECONOMIST INTELLIGENCE UNIT STUDY ON MICROFINANCE 2010 Ranks the Philippines among 54 countries:

  13. WHAT HAVE WE LEARNED

  14. WHAT HAVE WE LEARNED

  15. THE CHALLENGES AHEAD

  16. Financial Inclusion provides the poor opportunities for growth and access to risk protection against unexpected and unforeseen events

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