The Bangko Sentral ng Pilipinas (BSP) team joined Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), in a series of field visits in Rizal province on May 21, 2024.
“The 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,” BSP Deputy Governor Bernadette Romulo-Puyat said.
Queen Máxima engaged with members of a local fishing community in Talim Island to witness firsthand the positive impact of digital financial services provided by a microfinance-oriented rural bank on their income and financial well-being.
The rural bank collaborates closely with an insurance company to offer customer-centric products and services to underserved communities.
Queen Máxima underscored the significance of access to credit and a broad range of insurances in sustaining the economic stability and advancement of the residents.
Leonel Alviso, a local fisherman, shared his experience with the digital financial services offered by the rural bank, highlighting that access to credit has enabled him to grow, invest, and enhance his income. He also mentioned the availability of five types of insurance that they can now access, including hospitalization insurance.
Rosalyn Nido Villaflor, a cash agent, noted the significance of having cash agents in the island, enabling residents to conduct transactions locally without the need to travel elsewhere.
Queen Máxima also explored GrowSari, a digital platform that provides affordable 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.
Through these services, she 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 could remain close to home.
