The Philippines ranked fifth worldwide and the first in Asia along with India among countries that promote financial inclusion, based on results of the Global Microscope 2019 published by the Economist Intelligence Unit, the research arm of The Economist Group.
The report said the Philippines continued its exceptional performance in the report’s five standard categories, which consist of government stability and support; stability and integrity; products and outlets; consumer protection; and infrastructure.
It also retained its top standing in credit portfolios for middle- and low-income customers, market entry and ongoing requirements for banks.
Focusing on the enabling environment and expansion of digital financial services, the Global Microscope 2019 recognized the country’s recent efforts in promoting digital financial inclusion and financial literacy.
The report cited the continued implementation of the National Strategy for Financial Inclusion under the guidance of the inter-agency Financial Inclusion Steering Committee.