Rural Banks To Foster Inclusive Growth

The Bangko Sentral ng Pilipinas (BSP) emphasized the importance of digitalization in enhancing rural bank operations during the Rural Bank Strengthening Program (RBSP) Technology and Innovation Forum, held recently at the BSP Head Office in Manila.

The BSP's efforts to strengthen rural banks are part of a broader strategy to promote financial inclusion and sustainable economic development across the Philippines. I Photo: Bangko ng Kabuhayan

In a recorded message, BSP Governor Eli M. Remolona, Jr. highlighted the forum's objective “to understand the opportunities and challenges as rural banks embrace technology and innovation.”

“Rural banks can be a linchpin for inclusive growth; hence, preserving their role and building up their strengths are crucial for sustainable development,” stated Governor Remolona.

He also announced the Monetary Board’s approval of the RBSP Technical Assistance, which includes financial advisory, digitalization, and capacity-building for the rural banking sector.

This initiative aims to support rural banks in adopting advanced technologies and innovative practices, thereby enhancing their efficiency and broadening their reach to underserved communities.

The BSP's efforts to strengthen rural banks are part of a broader strategy to promote financial inclusion and sustainable economic development across the Philippines.