The Bangko Sentral ng Pilipinas (BSP) and GCash are urging financial institutions to shift their focus from simply opening accounts to helping Filipinos build savings, manage emergencies and gain access to insurance and investments.
BSP Deputy Governor Bernadette Romulo said access to financial services does not automatically translate into financial security, stressing the need to help account holders develop the capacity to save, borrow responsibly and cope with unexpected expenses.
Financial institutions must therefore move beyond expanding access and design products around customers’ actual needs, making them simple, transparent, affordable and convenient to use, she said.
Features such as automatic savings and tools that set aside spare change from everyday purchases could encourage better financial habits by making saving less dependent on deliberate decisions.
GCash president and CEO Martha Sazon said providers must likewise understand the circumstances and financial behavior of Filipinos who remain outside the formal financial system.
For those who already have accounts, the priority is to widen access to insurance, savings and investments that address immediate needs while helping customers prepare for emergencies and longer-term financial goals.
Sazon said GCash has distributed 255 million insurance policies by integrating protection into products and services customers already use, reducing the need for separate transactions or purchasing decisions.
The company has also partnered with the Bureau of the Treasury to make government securities more accessible and introduced stock investing through GStocks, broadening the range of financial products available through its platform.
She emphasized that partnerships, including those with government agencies and even competing providers, are necessary to extend financial services to more Filipinos.
Digital distribution of financial assistance can also make support more accessible by sparing beneficiaries travel expenses, long queues and income lost while attending to transactions, Sazon said.
Romulo said sustained progress would depend on the combination of supportive policies, appropriate financial products, effective partnerships and stronger financial behavior, underscoring that inclusion must ultimately translate into greater financial resilience.
