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Improving financial services provision in rural areas of the Philippines is a powerful lever to accelerate rural development and increase equality - by stimulating SME growth, increasing transaction efficiency and reducing individual's risk
Social impact from reforming the Provincial Banking system in the Philippines

  • Increased reach: Increase from ~8m (15% of adult population) today to ~20m accounts (~30%) in 2020
  • Increased job creation: From ~2m (4% of adults) today to ~7m jobs per year (~10%) in 2020
  • Reduced transaction costs for the poor: ~$350m per year saving (loan and payment fee reduction)
  • Increased sustainability / banking system stability
  • Achievement of major development objectives
    • Gender equality: Women, who run most Filipino businesses, will see most increase in access to finance
    • Job creation: SMEs will see most increase in lending
    • Access to safety nets: Poor will get access to bank accounts & insurance protecting them from risk
    • Food security: Farms and agricultural supply chains will become more efficient
    • Balanced urbanisation / environmental protection: by providing off-farm employment opportunities in rural areas and secondary cities

Bridge: Manila and Singapore