Connect with us

Hi, what are you looking for?


PWD financial inclusion seen expanding due to digital transactions

THE Bangko Sentral ng Pilipinas (BSP) is betting that digital transactions will help persons with disabilities (PWDs) better meet their banking needs.

“Through digital financial inclusion, persons with disabilities will be in a position not only to overcome restrictions brought about by the pandemic, but also prepare them to take full advantage of opportunities in the post-COVID economy,” BSP Governor Benjamin E. Diokno said in an online briefing.

The central bank is in discussions with the PWD sector to promote the benefits of digital transactions, according to Cesar Augusto E. Villanueva, Jr., acting deputy director of the BSP’s Financial Inclusion Office. He added the office is still fine-tuning its data reflecting PWDs’ access to accounts and credit.

“(Online transactions) can overcome traditional challenges encountered by the sector such as time, distance, cost and effort that conventional channels would require when PWDs conduct their financial transactions,” Mr. Villanueva said.

PWD-related concerns received by the BSP consisted only of 0.1% of all complaints received as of the third quarter of 2021, Mr. Diokno said.

In the first half of 2021, the central bank received 14 PWD-related concerns, up from the four received in 2020. Mr. Diokno said the bank did not field any PWD-related complaints in 2019.

“These complaints do not necessarily pertain to discriminatory practices against persons with disabilities, but are similar in nature to the complaints received from other consumers, which include issues on interest charges and undispensed amounts and unprocessed bill payments,” Mr. Diokno said.

In July, the BSP through Memorandum No. M-2021-040 instructed financial institutions to be more inclusive in extending services to PWDs, including those with learning difficulties, people who are deaf or have hearing difficulties, and the visually impaired, the central bank said.

The directive put banks on notice to avoid discriminatory practices such as non-acceptance of the PWD identification card to open accounts and other financial transactions; turning away visually impaired persons from opening bank accounts, and requiring visually impaired customers to open only joint accounts.

The memorandum also reminded institutions to provide access ramps and Braille systems at their premises and automated teller machines, as well as express lanes for PWDs.

Last year, the central bank incorporated additional tactile marks to banknotes for easier identification of the various denominations by the visually impaired. — Luz Wendy T. Noble

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Linesmen fix electric posts in Tondo, Manila. — PHILIPPINE STAR/ RUSSELL PALMA PRESIDENT Ferdinand R. Marcos, Jr. is hoping the Court of Appeals (CA)...


Finance Secretary Benjamin E. Diokno answers questions from the media during a press briefing at the New Executive Building, Malacañan Palace, July 6. —...


SUBSIDIES extended to government-owned and -controlled corporations (GOCCs) surged to P39.981 billion in October, the Bureau of the Treasury (BTr) said. Budgetary support to...


Manila rose six spots to 55th place out of 75 ranked centers in the sixth edition of the Smart Centers Index (SCI) by Long...


By Arjay L. Balinbin, Senior Reporter METRO Pacific Tollways Corp. (MPTC) said its unit NLEX Corp. expects to award the Candaba Third Viaduct project,...


1 of 3 ARMANI’s diffusion line, Armani Exchange, is trading in its old store look for a new one. During a short introduction to...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.