THE Bangko Sentral ng Pilipinas (BSP) said it is seeking to raise the level of financial inclusion for young people from the current 27% of 15 to 19-year-olds holding bank accounts.
The central bank launched on Monday the Youth Financial Inclusion Initiative (YFI), a component of the National Strategy for Financial Inclusion 2022-2028.
A recent report by the ASEAN+3 Macroeconomic Research Office estimated a Philippine median age of 24.5 years in 2021, the second-youngest population in the region.
“(The 15-19 cohort) is 31 million strong. That is nearly one-third of our population. With this strength in numbers, you can influence the economy in ways that are both significant and lasting,” BSP Deputy Governor Bernadette Romulo-Puyat said.
“You are the most tech-savvy generation. You know how to turn likes and shares into movements. And that is exactly the kind of creativity we need,” she added.
The YFI initiative covers account onboarding, financial education and consumer protection, advocacy, policy and regulatory support, and stakeholder engagement.
“However, what truly makes the YFI Initiative stand out is its advocacy component. This is where your voices and ideas take center stage,” BSP Managing Director Charina B. De Vera-Yap said at the launch.
“Through programs like the Youth Ambassador Program and Hackathon, you will have the opportunity to dive into exciting activities focused on digital finance and financial health,” she said. — Luisa Maria Jacinta C. Jocson