FINANCIAL INCLUSION 2020 GLOBAL FORUM Closing Plenary 30 October 2013 CALL TO ACTION “Bridging the Gap, Plugging the Leak” Cabinet-ranked Secretary Imelda M. Nicolas Chairperson, Commission on Filipinos Overseas Office of the President of the Philippines

Imagine, at least a billion US dollars being sent and received daily around the world.

“an inclusive financial system which provides for the evolving needs of a diverse public.” bring more people into the financial system especially those previously unserved and unbanked Financial inclusion involves delivery of a wide range of financial services such as savings, credit, insurance, remittances and payment services Delivery channels in a truly inclusive financial system are wide and ubiquitous where both bank and non-bank based delivery channels can combine to reach the financially excluded more effectively The Philippines’ Financial Inclusion Policies

“Policymakers will need to focus on leveraging remittances as a tool for economic development. While remittances are private transfers, the government can ensure that the policy environment is conducive to the use of remittances for investment in well-considered financial products, in productive activities such as entrepreneurial undertaking as well as in better housing, education and healthcare for remitters and their beneficiaries, improving the financial education of the overseas Filipinos community and implementing measures to further promote the flow of remittances through the financial system that would help catalyze the development role of remittances.”

access to affordable financial services is linked to overcoming poverty, reducing income disparities, and increasing economic growth Call to Action: BRIDGE THE GAP, PLUG THE LEAK

Reduce remittance cost to 5 percent of total cost Call to Action: BRIDGE THE GAP, PLUG THE LEAK

Bridge the gap for a truly inclusive financial system and plug the leak that high remittance costs bring, so that more money can end up where it's needed the most – in the pockets of the world's poor people Call to Action: BRIDGE THE GAP, PLUG THE LEAK

COMMISSION ON FILIPINOS OVERSEAS Office of the President of the Philippines Office of the President of the Philippines Citigold Center, 1345 Quirino Avenue, corner Pres. Osmeña Highway, Paco, Manila 1007, Philippines Website: