Financial technology firm Tala, in collaboration with the Atlantic Council’s Geoeconomics Center, unveiled a white paper that highlights the importance of the “global majority” – women, children, micro, small and medium enterprises (MSMEs), and underserved individuals, representing a powerful economic force that has historically been excluded from financial systems.
The white paper emphasizes the need for governments, policymakers and organizations to develop targeted strategies to empower this group.
Data from the Bangko Sentral ng Pilipinas’ (BSP) 2023 Financial Inclusion Dashboard noted the financial concerns among Filipinos.
According to the white paper, 65 percent of Filipinos worry about covering emergency medical costs. Around 42 percent fear high medical expenses from serious illnesses or accidents, 24 percent worry about monthly bills, 17 percent are concerned about retirement funds and 13 percent struggle with tuition and school fees.
According to Tala, these barriers are compounded by limited financial education and difficulties in accessing credit due to requirements like collateral and credit history.
Tala said addressing these issues is crucial to empowering the global majority in the Philippines.