The Bangko Sentral ng Pilipinas (BSP) is shifting its strategy from simple account ownership to improving the overall financial health of Filipinos, targeting better resilience against economic shocks and expanded digital payment access.
While previous efforts focused primarily on financial inclusion and expanding access, BSP Deputy Governor Bernadette Romulo-Puyat said the bank now prioritizes the ability of citizens to meet daily expenses and recover from financial setbacks.
“For many years, our focus was mainly on financial inclusion, opening accounts, expanding access. Of course, that work mattered and it delivered results. However, financial inclusion is not enough,” Romulo-Puyat said.
According to the 2021 National Financial Inclusion Survey and the 2025 Global Findex, significant gaps remain in how Filipinos manage daily needs and prepare for financial emergencies, particularly among lower-income households. To address this, the BSP has adopted a framework combining inclusion, literacy and consumer protection.
Romulo-Puyat said expanding account ownership among the unbanked and underserved remains a priority. A major part of the effort is the Paleng-QR Ph Plus program—a joint initiative with the Department of the Interior and Local Government designed to build a digital payments ecosystem in public markets and local transportation.
Adoption of the program has increased significantly, with 922 local government units participating in 2025 compared with 408 localities in 2024. Despite this growth, internet connectivity remains a major hurdle for digital payment acceptance in remote areas.
“We need the help of DICT. Because even if we launch, if there is no connectivity, it’s kind of lacking,” Romulo-Puyat said, referring to the Department of Information and Communications Technology.
The DICT has requested a list of markets with limited internet access to provide satellite connectivity.
Romulo-Puyat said the partnership will support the expansion of the Paleng-QR Ph Plus program into underserved regions.
Beyond digital payments, the BSP is collaborating with the Department of Agriculture to bring farmers into the formal financial system.
The BSP also wants to reach younger demographics and the poorer segments of society.
“We are also working with the National Youth Commission because our underserved are also the youth. And we are likewise working with the DSWD to deliver financial assistance digitally,” she said.
