DURING the celebration of Card Bank’s 18th anniversary and Savings Month celebration, the Bangko Sentral ng Pilipinas (BSP) expressed appreciation working with Card Bank in crafting relevant and responsive policies, which are supportive to financial inclusion. Ms. Chuchi Fonacier, the Managing Director for Supervision and Examination Sub-Sector III who represented BSP in the event, delivered the message.
“Fulfilling a bright and stable future for every family: Making financial inclusion a reality” was the theme of the anniversary as it aims to strengthen its advocacy in savings consciousness.
“Card Bank is an industry leader and therefore plays a significant role in building an inclusive financial system in the country,” said Ms. Fonacier adding that the 18th celebration of Card Bank is a significant milestone especially for women members as it is likened to the traditional Filipino coming-of-age celebration.
Ms. Fonacier also talked to hundreds of individuals jam-packed in the venue about the opportunities of saving in a financial institution. “Saving money in banks is way more advantageous than keeping it at home,” she said adding that banks protect our money from theft and safeguard it from disasters and from pests or insects.
She also said that banks have ATMs so we can have easy access to our money anytime. “Saving in a bank is the first step to avail other financial products such as credit and insurance,” she added while stressing that our money in banks is insured by Philippine Deposit Insurance Corporation (PDIC).
Ms. Fonacier also cited the key accomplishments of Card Bank in terms of outreach and financial assistance. To date, Card Bank has a total of 1.5 million clients served with total loans outstanding of P4.6 billion and total savings of P4.4 billion.
Based from the BSP’s National Baseline Survey on Financial Inclusion, only four out of ten Filipino adults currently have savings. Of such, 68% keep their savings at home and the rest in banks. Sixty-five percent of those who do not save in banks cited lack of enough money as the main reason for not having a bank account.
According to Ms. Fonacier, with the help of microfinance institutions, they are seeing positive results in terms of micro-deposit accounts. An increase of 80% or two million accounts were recorded in 2014 from 1.1 million in 2012. In terms of value, the total amount of micro-deposits grew by 70% to P4 billion in 2014 from P2.3 billion in 2012.
Ms. Fonacier further shared that aside from ensuring the availability of appropriate, affordable and accessible financial services is to promote greater awareness through financial education, capacity building and personal finance management. “No matter how small or big our income is, if there is no discipline in saving, then we will really find it hard to put aside some money to save,” she added encouraging everyone to put savings in banks or other formal financial institutions.
“On our end, we will remain committed in promoting financial inclusion and implementing the tactical plans in the National Strategy for Financial Inclusion (NSFI), which was launched on July 1, 2015,” Ms. Fonacier emphasized highlighting Card as a trusted partner in championing financial inclusion.
Established in 1997, Card Bank is a microfinance-oriented rural bank and a member institution of Card MRI, a social development organization that aims for poverty eradication in the country.
“Let us keep the communication line open so we can collectively move the banking sector forward and make financial inclusion a reality,” Ms. Fonacier concluded. pr
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