President Duterte issued a new executive order which states allowing more entities to offer broadband internet services by using satellite technology. Allowing more Filipinos, especially from far-flung provinces that have little to no internet services, to have greater access to financial services that are denied by having poor telecommunication infrastructure.
Therefore the Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, as the chair of the government's interagency Financial Inclusion Steering Committee (FISC), agrees with the signing of the new Executive Order No. 127 on "Expanding the Provision of Internet Services through Inclusive Access to Satellite Services."
"This will be a big push for financial inclusion toward a more resilient and truly inclusive digitally enabled new economy," Diokno said, being the forefront of the banks on introducing more Filipinos to a formal financial system with the help of new technologies.
The new Executive Order No. 127, can easily bridge the gaps regarding the poor internet infrastructure in many rural communities. Satellite technology presents an instant and already deployable broadband infrastructure, which is suitable for many areas that lacked the privilege to have it.
Internet connectivity plays a key role in successful financial and economic inclusion, with most transactions and services are now moving to a digital era. With Executive Order No. 127, banks and other financial service providers will be able to serve rural areas with greater efficiency. As it gives more access points to the communities such as automated teller machines and cash agent services that mostly rely on having internet connectivity.
In connection to the implementation of the Philippine National Identification System and its electronic know-your-customer facility, having access to the internet allows all the rural and low-income communities to use efficient digital financial services and can greatly benefit from digital innovations.