The World Bank has lauded the initiatives of the Philippines to develop a monitoring and evaluation system for the implementation of the National Strategy for Financial Inclusion.
In July 2015, the Bangko Sentral officially launched the NSFI, envisioning a financial system that is accessible and responsive to the funding needs of all Filipinos. It provides a well-coordinated framework for public-private cooperation and harmonization of efforts in financial inclusion.
Based on the World Bank report, the Philippines pioneered a unique approach to gather relevant data on activities, inputs and indicators to enable collaborative reporting by the various implementing agencies of the NSFI.
This commitment to monitor progress, as well as develop evidence-based programs and policies would ensure the achievement of goals to expand access to financial services for the country’s unserved and underserved sectors.
With the World Bank’s assistance, the BSP endeavored to define a practical, sustainable approach for monitoring the NSFI implementation’s progress by setting up an appropriate evaluation system.
The Washington DC-based global development institution noted that “the unprecedented level of collaboration for NSFI implementation is a good sign for future progress on improving financial inclusion in the Philippines.”