National Economic and Development Authority Secretary Arsenio Balisacan welcomes Her Majesty Queen Máxima of the Netherlands, in her capacity as the UN Secretary-General’s Special Advocate for Inclusive Finance for Development , for a bilateral meeting in Pasay City on May 22, 2024.Philippine government officials met with Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development .
“We are honored to welcome UNSGSA Queen Máxima to the Philippines. This is indeed a great opportunity to reflect upon and discuss our country’s achievements in inclusive financing, identify challenges, devise solutions, and plan further improvements to our financial inclusion initiatives,” Balisacan said.
Open finance aligns with the country’s goals outlined in the Philippine Development Plan 2023-2028, which seeks to catalyze economic and social transformation by promoting fiscal sustainability and laying the foundation for innovation and digitalization. This model is expected to boost lenders’ confidence in financing the country’s small and medium-sized enterprises . In 2023, the BSP also initiated the PH Open Finance Pilot to develop technical and operational standards for an open finance ecosystem in the Philippines.