UN Special Advocate Queen Máxima Lauds GCash for Elevating Financial Inclusion in the Philippines
During her visit to the Philippines this week, H.M. Queen Máxima of the Netherlands praised GCash for its important work to make sure everyone has access to financial services. She said this as the UN Secretary-General's Special Advocate for Inclusive Finance for Development (UNSGSA).
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| UN Special Advocate Queen Máxima Lauds GCash for Elevating Financial Inclusion in the Philippines |
She gave the compliment during a meeting at the GCash offices in Bonifacio Global City. This was the first day of her three-day trip to the country.
When UNSGSA Queen Máxima thought back to her previous visit in 2015, she remembered that only 17% of the people there used mobile banking services. But now, a lot of Filipinos can use these services, and she says that GCash is partly to blame for this change.
Three years after its start in 2015, the GCash app had about 5 million users. By the end of 2023, it will have an impressive 94 million users. This means that eight out of ten Filipinos have used GCash's services.
She did say, though, that the Philippines still has a long way to go before they have a fully open financial system. She talked about how important it is for the government and businesses to work together to make sure that all Filipinos can get good financial services, which will improve their financial health and strength.
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Martha Sazon, president and CEO of GCash, Ernest Cu, head of the GCash holding company Mynt and president and CEO of Globe Group, and Fernando Zobel de Ayala, director of Ayala Corporation, were all happy to see the Queen at the GCash office on May 21.
GCash has always been dedicated to "Finance for All," and Sazon pointed out that the platform has made it easier for Filipinos to get basic financial services, especially in areas that don't have banks or aren't handled well enough.
As for Sazon, it was an honor to host Queen Máxima. He also said, "Our conversation with Her Majesty has been enlightening, and we pledge to continue promoting financial inclusion in the Philippines."
New data from the Bangko Sentral ng Pilipinas (BSP) show how important digital platforms are for making it easier for Filipinos to get to basic banking services. In 2019, only 29% of people had access to bank accounts. By 2022, that number had risen to 65%. Credit went from 2% in 2014 to 8% in 2021; insurance went from 23% in 2019 to 51% in 2021; and investments went from 1% in 2020 to 2% in 2021. All of these financial services have become easier for more people to use.
