Visa and PHLPost Sign Agreement to Enhance Financial Services for Underserved Filipinos

Visa and PHLPost to work together to provide more secure and efficient financial services

From Left: Atty. Benjie Yotoko, Assistant Postmaster General for Operations, PHLPost; Luis Carlos, Postmaster General, PHLPost; Jeffrey Navarro, Country Manager, Visa Philippines; Bella Lai, Regional Head for Southeast Asia, Visa Government Solutions, Visa

Visa (NYSE: V), a global leader in digital payments, has signed a memorandum of understanding with the Philippine Postal Corporation (PHLPost) aimed at expanding access to financial services for Filipinos, particularly those in underserved sectors such as rural communities. 

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All eyes are focused on Asia, more so than ever before, and with good reason.  Asian economies are well positioned for robust growth, and in recent years, Asian emerging markets performed rather well compared to their counterparts outside Asia.

Asia has made significant progress when it comes to financial inclusion. The Philippines, in fact, has the most conducive environment for financial inclusion in the region; number 4 worldwide in a 2018 study (The Global Microscope) conducted by The Economist Intelligence Unit (EIU). The study assess the enabling environment for financial inclusion across 5 categories and 55 countries. It also cites that the leading countries in the study “feature market-entry regulations that do not deter new players that serve low- and middle-income populations” - with the Philippines having banking and non-bank financial institutions and e-money issuers and cross-border payments providers actively reaching out to the population.