Inclusive finance in a shifting economy: BSP microfinance forum

On April 25, I attended the BSP microfinance forum on the Philippines' economic outlook and microfinance industry updates. This event was a collaboration between the Bangko Sentral ng Pilipinas (BSP) Financial Inclusion Office and the Rafael B. Buenaventura Micro Finance Resource Center Foundation (RBBMFFI), drawing over 70 leaders from key microfinance institutions including NWTF, ASA Philippines, ASKI, ASHI, KCCDFI, Bayan Edge, CARD MRI, TSKI, K-Coop, MCPI, APPEND, NATCCO, GRF Hublag, ECLOF, and KMBI.

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We were warmly welcomed by BSP Deputy Governor Bernadette Romulo-Puyat, who set the stage for a day of forward-looking conversations about resilience, innovation, and inclusion in the microfinance sector.

Continuing a legacy of inclusion

The RBBMFFI, founded in 2007, honors the legacy of former BSP Governor Rafael “Paeng” Buenaventura. Under his leadership, microfinance was brought into the formal banking system and recognized as a vital tool in the fight against poverty.

The RBBMFFI's current five-year plan is anchored on five strategic pillars, two of which—strengthening MFI capacities and knowledge sharing—were highlighted during the forum. These pillars have guided the Foundation's efforts to build a more responsive and resilient sector.

To date, RBBMFFI has organized a wide range of initiatives that reflect both the challenges and opportunities facing the sector. These include business continuity planning workshops, training on agri-based value chain financing, sessions on digital transformation, cybersecurity forums that addressed both technical risk and the role of boards in building resilience. Additionally, the Foundation facilitated conversations around adapting climate-resilient financial products and incorporating climate-related risks into credit processes in support of BSP strategies and initiatives on climate change. Many MFIs represented at the forum had attended multiple activities, a testament to the sector's appetite for continuous learning and its drive to enhance operational readiness.

Facing economic headwinds