Accelerating Financial Inclusion in Asia

and the PacificWaikiki Resort Hotel, Honolulu

September 15, 2011

UNDERSECRETARY GIL S. BELTRANDepartment of Finance – National Credit

CouncilPhilippines

Absence of financial inclusion policy

Proliferation of subsidized government credit programs

Unsustainable private financial institutions dependent on government cheap funds

Lack of access by the poor from formal financial services

Low outreach of government credit programs

Undisciplined borrowers

Weak private sector participation

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Ranks the Philippines among 54 countries:

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