The Marcos Administration’s “Bagong Pilipinas” agenda takes the centerstage at the Singapore Fintech Festival 2023 on Wednesday showcasing the Philippines’ initiatives in promoting and strengthening the fields of digitalization and financial technology.
Bagong Pilipinas: The Philippines Country Pavilion is presented by FinTech Alliance.Ph at the Singapore FinTech Festival (SFF).
The Bagong Pilipinas Pavilion is the Philippines’ prominent representation at SFF, a testament to the country’s commitment to the advancement of the FinTech sector.
The showcase is the result of a collaborative effort with key stakeholders such as the Office of the President, Presidential Communications Office, Radio Television Malacanang (RTVM), Bangko Sentral ng Pilipinas, Department of Finance, Securities and Exchange Commission, Credit Information Corporation, Department of Trade and Industry, Department of Information and Communications Technology, and the National Development Corporation.
In her keynote speech, Presidential Communications Office (PCO) Assistant Secretary Patricia Martin shared the vision of Bagong Pilipinas, pointing out that it is not just a political ideology but a practical framework that outlines the administration’s collective aspirations for a renewed and forward-looking nation.
“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,” Martin said.
Martin, PCO’s Assistant Secretary for Digital Media and Communications, stressed that 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 added that almost half of retail payments seamlessly transitioning 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.
The PCO official also mentioned the government’s initiatives in fostering innovation and nurturing the startup ecosystem such as the Philippine Innovation Act and the Innovative Startup Act.
“These visionary policies set a clear direction, positioning the Philippines as a hub for creative ingenuity and entrepreneurial growth,” she stressed.
Martin said that the digital transformation happening in the Philippines is “a teamwork approach, where both the government and private companies work together closely through public-private partnerships.”
She noted that at the forefront of the digital evolution is the Private Sector Advisory Council’s Go Digital Pilipinas movement, which is a “concerted effort which aims not only to bridge the digital divide but also to cultivate digital literacy, fortify internet security, and champion the cause of privacy.”
“It serves as a testament to the collective responsibility we bear in ensuring that no one is left behind in the digital transformation journey,” Martin said.
Martin also noted that financial inclusion is a key aspect of 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 mentioned other initiatives in digital transformation such as the Paleng-Qr Ph Plus, “which exemplifies a commitment to seamlessly integrate digital payments into the fabric of Filipino life, promoting convenience, efficiency, and broader financial inclusion.”
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.
Last year, over 62,000 participants from 134 countries attended the festival reinforcing its status as the foremost event for the global FinTech community. PND
