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By APD writer Melo M. Acuña
MANILA, Oct. 28 (APD) – The World Bank cited the need for innovations utilizing digital technology to further expand financial inclusion in the Philippines.
In a statement from the Department of Finance datelined Washington, D.C., Secretary Carlos G. Dominguez III said during his meeting with World Bank President David Malpass, the head of the multilateral institution said the Philippines’ robust economy offers many opportunities for the government to “reguide” its digitalization efforts to empower Filipinos.
He cited the Philippines’ efforts to embark on its digitalization program with the passage of a National Identification (ID) Law which aims to unify and streamline an identification system for all Filipino citizens.
According to Secretary Dominguez, President Malpass said the use of new technologies, particularly digital currency and remittances, “can open new avenues” for marginalized sectors to participate in the economy. He added World Bank is now studying how these innovations can directly benefit people while encouraging them to avail themselves of state-provided social services including healthcare.
“This is an opportunity because you have so many things going on where you can reguide the program,” President Malpass said during his recent meeting with Secretary Dominguez at the World Bank headquarters in Washington, D.C.
Secretary Dominguez welcomed President Malpass’ support for digitalization as a way to expand financial inclusion in developing economies.
He told President Malpass that the Philippine government has long been implementing a conditional cash transfer (CCT) program where the lowest-income households in the country receive cash grants on condition that they fulfill certain conditions including ensuring their children attend a school or that pregnant women get regular medical checkups.
The CCT program “has worked pretty well” due to the assistance extended by the World Bank and the Asian Development Bank to the government, Secretary Dominguez said. With the passage of a national ID Law, which will be implemented on a pilot basis beginning the first quarter of next year, will significantly improve the delivery of the CCT program, he added.
“That’s all good,” President Malpass said on the information provided by Secretary Dominguez on the country’s efforts to digitalize its government services.
World Bank country director for the Philippines Mara Warwick said the multilateral institution is providing technical assistance to the Philippines for the rollout of its national ID system.
During the meeting, Victoria Kwakwa, World Bank’s regional vice president for East Asia and the Pacific Region, told Secretary Dominguez of the institution’s new policy that supports the Philippines’ reform initiatives in enhancing financial stability, global competitiveness, and economic resilience.
(ASIA PACIFIC DAILY)
