Microfinance and Financial Inclusion
In 2000, the General Banking Law mandated the BSP to recognize microfinance as a legitimate banking activity and to set the rules and regulations for its practice within the banking sector. In the same year, the BSP declared microfinance as its flagship program for poverty alleviation. The BSP has then the prime advocate for the development of microfinance. To this end, the Bangko Sentral aims to:
- provide the enabling policy and regulatory environment,
- increase the capacity of the BSP and banking sector on microfinance operations, and
- promote and advocate for the development of sound and sustainable microfinance operations.
The Bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration during the 2011 Global Policy Forum held in Mexico.
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