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Financial Inclusion, Education, and Regulation in the Philippines

Author

Listed:
  • Gilberto M. Llanto

    (Asian Development Bank Institute)

Abstract

Establishing financially inclusive ecosystems for low-income clients, including small and medium enterprises, has become a rising global concern. The Consultative Group to Assist the Poor and the World Bank estimate that around 2.7 billion adults worldwide do not have access to credit, insurance, or savings with a bank or other formal institution. Several studies have argued that financial inclusion empowers the poor to manage their finances and reduce their vulnerability to financial distress, debt, and poverty. The key issues are why formal financial systems are not inclusive, and how they can be made inclusive of the poor. In the Philippines, the government has identified financial inclusion as an important strategy for inclusive growth. This paper discusses the current status of financial inclusion, education, and regulation in the Philippines and measures to foster financial inclusion. The primary policy challenge faced by the government is defining its role in creating the broad and interconnected ecosystems needed for safe and efficient product delivery to the poor.

Suggested Citation

  • Gilberto M. Llanto, 2015. "Financial Inclusion, Education, and Regulation in the Philippines," ADBI Working Papers 541, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0541
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    References listed on IDEAS

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    1. repec:wbk:wbpubs:7086 is not listed on IDEAS
    2. Llanto, Gilberto M. & Geron, Maria Piedad S. & Almario, Joselito, 2008. "Developing Principles for the Regulation of Microinsurance: Philippine Case Study," Discussion Papers DP 2008-27, Philippine Institute for Development Studies.
    3. Gilberto M. Llanto & Ma. Piedad S. Geron & Joselito S. Almario, 2008. "Developing Principles for the Regulation of Microinsurance : Philippine Case Study," Development Economics Working Papers 22654, East Asian Bureau of Economic Research.
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    Cited by:

    1. Gerardo ¡°Gerry¡± Alfonso Perez, 2018. "Value and Size Effects in the Stock Market of the Philippines," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 9(2), pages 191-202, April.
    2. Naoyuki Yoshino & Peter J. Morgan, 2016. "Overview of Financial Inclusion, Regulation, and Education," ADBI Working Papers 591, Asian Development Bank Institute.
    3. Briones, M.R., 2018. "IFAD RESEARCH SERIES 20 - Transformation and diversification of the rural economy in Asia," IFAD Research Series 280069, International Fund for Agricultural Development (IFAD).
    4. NGONYANI, Danstun, 2022. "Financial Inclusion In Developing Countries. A Review Of The Literature On The Costs And Implications," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 26(1), pages 54-77, March.

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      JEL classification:

      • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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