BSP lauds CARD Bank for pushing country’s financial-inclusive system

NEGROS ORIENTAL, Sept. 8 (PIA) — The Bangko Sentral ng Pilipinas (BSP) lauded CARD Bank for pushing country’s financial-inclusive system in the latter’s 18th anniversary recently and Savings Month celebration.

BSP managing director Chuchi Fonacier expressed appreciation working with CARD Bank in crafting relevant and responsive policies, which are supportive to financial inclusion.

The anniversary theme, “Fulfilling a bright and stable future for every family: Making financial inclusion a reality” aims to strengthen its advocacy in savings consciousness.

“CARD Bank is an industry leader and therefore plays a significant role in building an inclusive financial system in the country,” said Fonacier.

Speaking to hundreds of clients on opportunities of saving in a financial institution is way more advantageous than keeping it at home, “ it protects our money from theft and safeguard it from disasters and pests or insects,” Fonacier said.

She added “Saving in a bank is the first step to avail other financial products such as credit and insurance and banks is insured by Philippine Deposit Insurance Corporation (PDIC).

To date, CARD Bank has a total of 1.5 million clients served with total loans outstanding of P4.6 billion and total savings of P4.4 billion.

Based from the BSP’s National Baseline Survey on Financial Inclusion, only four out of 10 Filipino adults currently have savings. Of such, 68 percent keep their savings at home and the rest in banks.

According to Fonacier, with the help of microfinance institutions, they are seeing positive results in terms of micro-deposit accounts.

An increase of 2 million accounts had recorded in 2014 from 1.1 million in 2012. In terms of value, the total amount of micro-deposits grew by P4 billion in 2014 from P2.3 billion in 2012.

The BSP official shared that aside from ensuring the availability of appropriate, affordable and accessible financial services is to promote greater awareness through financial education, capacity building and personal finance management.

The BSP is committed in promoting financial inclusion and implementing the tactical plans in the National Strategy for Financial Inclusion (NSFI), which was launched recently.

Established in 1997, CARD Bank is a microfinance-oriented rural bank and a member institution of CARD MRI, a social development organization that aims for poverty eradication in the country. (mbcn/jct/PIA7-Negros Oriental/This article was first published at PIA Website on Sept. 8, 2015)

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