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The initiatives of the Marcos administration in fostering innovation and nurturing the startup ecosystem place the Philippines as a destination for “creative ingenuity and entrepreneurial growth,” the Presidential Communications Office (PCO) said in a report by Philippine News Agency.
This as the PCO, through Assistant Secretary for Digital Media and Communications Patricia Martin, highlighted the government’s “Bagong Pilipinas” (New Philippines) agenda at the Singapore Fintech Festival 2023.
Martin said several initiatives, including the Philippine Innovation Act and the Innovative Startup Act, aim to promote and strengthen the fields of digitalization and financial technology (fintech).
“These visionary policies set a clear direction, positioning the Philippines as a hub for creative ingenuity and entrepreneurial growth,” she said in a keynote speech, noting that the digital transformation in the Philippines is “a teamwork approach” between the government and the private sector working together through public-private partnerships.
Martin said the Philippines has witnessed the emergence of a dynamic FinTech landscape, boasting approximately 300 companies specializing in payment solutions, lending platforms, remittance services, and innovative e-wallet platforms.
She also noted the seamless transition of almost half of retail payments to digital channels.
“This marked transition not only mirrors the adaptability of Filipinos, but also signifies an increasing acceptance and integration of financial technology into the fabric of our daily lives,” Martin said.
“The convergence of technology and finance not only enhances accessibility but also empowers individuals and businesses to navigate an increasingly interconnected and dynamic global landscape,” she added.
Martin said the Private Sector Advisory Council's Go Digital Pilipinas movement, being at the forefront of the digital evolution, is a concerted effort to bridge the digital divide, cultivate digital literacy, fortify internet security, and champion the cause of privacy.
She added that financial inclusion is a key aspect of the Bagong Pilipinas agenda, citing the Financial Inclusion Survey which showed a substantial increase in the number of formal bank accounts and e-money account ownership.
“The government's National Strategy for Financial Inclusion 2022-2028 aims to achieve inclusive growth, marking a substantial stride toward making financial services accessible to all. In line with this commitment, the government's National Strategy for Financial Inclusion 2022-2028 charts a comprehensive roadmap for inclusive growth and financial resilience for every Filipino,” she said.
Martin also cited other initiatives in digital transformation such as the Paleng-Qr Ph Plus, which, she said, exemplifies a commitment to seamlessly integrate digital payments into the fabric of Filipino life, promoting convenience, efficiency, and broader financial inclusion.
“As we proudly showcase the vision of Bagong Pilipinas here at the Singapore FinTech Festival, it is imperative to underscore the transformative influence of digitalization and financial technology on our journey towards a future-ready Philippines,” she said.
The Singapore FinTech Festival, organized by the Monetary Authority of Singapore, Elevandi, and Constellar, in collaboration with the Association of Banks in Singapore, is the global epicenter for the FinTech community focusing on the development of financial services, public policy, and technology.