In order to further surge the country’s inclusive financial system, President Benigno Aquino III signed on Thursday, June 2, 2016 the Executive Order 208 or the creation of the Financial Inclusion Steering Committee(FISC) as the official governing body of theNational Strategy for Financial Inclusion (NSFI).
FISC Duties and Functions
- To guide, align and monitor NSFI policies and programs.
- To work together with public and private stakeholders to ensure that financial programs will be properly implemented.
- To inform the public and private sector about the NSFI.
- To formulate operational policies of procedure as necessary to the programs.
The newly established committee will be chaired by the BSP governor with member agencies as follows: (1) Department of Finance, (2) Department of Education, (3)Department of Trade and Industry, (4)Department of Social Welfare and Development, (5) Department of Budget and Management, (6) National Economic and Development Authority, (7) Insurance Commission, (8) Commission on Filipino Overseas, (9) Philippine Statistics Authority, (10) Philippine Insurance Corporation, and (11) Cooperative Development Authority.
TheNational Strategy for Financial Inclusion (NSFI)
The National Strategy for Financial Inclusion (NSFI) with which the FISC will govern was launched last year as part of the Aquino Administration’s Philippine Development Plan 2016 (PDP). The NSFI chiefly aims to establish an “efficient access to basic financial opportunities” such as savings, payments, credits, insurance and investments.
(With reports from Bangko Sentral ng Pilipinas.)