Remittances and Financial Inclusion: A Policy and Regulatory Approach

The volume of remittance inflows in the Philippines continues to grow. In 2014, remittances channeled through the banking system reached US$24.3 billion, or 8.5% of the country's gross domestic product. The Bangko Sentral ng Pilipinas (BSP) sees this is an opportunity for inclusive growth. It has fostered financial inclusion through policy initiatives that enable more Filipinos to gain effective access to a wide range of financial services that could help them manage unforeseen financial shocks and increase their savings and investments. This presentation features details of the BSP's strategy for financial inclusion.