Baguio: 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.
According to Philippines News Agency, Romulo-Puyat emphasized that the efforts by various stakeholders have extended beyond their regular mandates to promote financial literacy, digital payments, and fraud prevention. Some banks have taken initiatives to accept unfit banknotes from individuals who are not their clients and have conducted financial education campaigns encouraging people to open bank accounts and use e-wallets.
Romulo-Puyat expressed the importance of recognizing stakeholders, including government agencies, commercial banks, and the Department of Trade and Industry, for their role in currency fitness education. She highlighted that these entities are also available for the public to exchange unfit banknotes. Many partners support BSP's digital economy initiatives by educating the public on safe digital transactions and aiding in preventing online scams and fraud.
She underscored the significance of financial education programs focused on budgeting, savings, financing, and cybersecurity, which include reminders on not clicking suspicious links or sharing personal information. The efforts to educate micro, small, and medium enterprises on sound financial management were also acknowledged.
Romulo-Puyat pointed out the growing adoption of digital financial services among Filipinos, noting that despite interest, fear of scams remains a concern, making stakeholders' information campaigns crucial. As of 2025, the region had 231 banks and 49 money service businesses contributing to the expansion of financial services access.
Financial inclusion in the region has reached 58 percent, partly due to government programs mandating beneficiaries to receive financial assistance through bank accounts or e-wallets, reducing long queues and easing payouts for low-income households and farmers. Opening a bank account has been simplified to require only one valid identification card, with banks offering Basic Deposit Accounts that need only a PHP100 initial deposit without maintaining balance or dormancy fees.
BSP Governor Eli Remolona Jr. highlighted north Luzon as a key partner in the Paleng-QR PH Plus program, recognizing the region's diverse communities and increasing participation of transport workers, consumers, and businesses 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 stated.
The Paleng-QR PH Plus program facilitates cashless payments using mobile phones for public market vendors, local tricycle drivers, and small business owners. The BSP honored 15 outstanding partners for their dedication to advancing financial inclusion, promoting financial literacy, and strengthening public trust in the financial system.
