Whole-of-Government Support for Ficial Inclusion

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MEMORANDUM CIRCULAR NO. 97: Whole-of-Government Support for Ficial Inclusion

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Title Source: Supreme Court: Whole-of-Government Support for Ficial Inclusion

Law: Memorandum Circular No. 97

Decision Date: Jun 23, 2022

The Memorandum Circular No. 97 institutionalizes government support for the National Strategy for Financial Inclusion in the Philippines, requiring all government departments and agencies to incorporate financial inclusion initiatives into their work programs and budgets, while regional and local bodies are encouraged to adopt financial inclusion as a development agenda.

Law Summary

Historical Context and Development of Financial Inclusion Strategy

Financial Inclusion National Strategy first launched in 2015 to provide vision and strategic objectives.
Updated in 2022 by the Financial Inclusion Steering Committee under Executive Order No. 208 (s. 2016).
Updates include priority initiatives, targets, and key performance indicators to enhance implementation.
Supports the long-term vision under Ambisyon Nation 2040 and the Updated Philippine Development Plan 2017-2022.

Scope and Institutionalization of Government Support

All government departments, agencies, and instrumentalities including SUCs, GOCCs, and foreign-based government agencies mandated to support the NSFI.
Supports systematic incorporation of NSFI initiatives into work programs, policies, and budgets.
Encourages participation in Financial Inclusion Steering Committee working groups and data sharing for monitoring and evaluation.

Whole-of-Government Implementation Measures

Agencies must: i. Incorporate NSFI priority initiatives into their respective plans and budgets; ii. Participate in relevant working groups and initiatives; iii. Provide data for NSFI monitoring, subject to data-sharing regulations.

Role of Regional and Local Government Units

Regional Development Councils (RDCs) and Local Development Councils (LDCs) encouraged to integrate financial inclusion into development agendas.
Local Government Units (LGUs) urged to promote financial inclusion through local programs, strategic plans, legislation, and budgeting.
Emphasis on embedding financial inclusion into capacity development, provincial development plans, project development, implementation, and evaluation.

Role and Functions of the Financial Inclusion Steering Committee (FISC)

Coordinate with RDCs and LGUs to support NSFI integration into local and regional plans.
Provide technical assistance and conduct information, education, and communication activities to raise public awareness and understanding of NSFI.

Funding and Budget Provisions

Implementation funding to be charged to respective government agency appropriations for NSFI-related activities.
All disbursements subject to regular government accounting and auditing rules and regulations.

Repeal and Effectivity

Any inconsistent issuances, rules, and regulations are repealed or modified accordingly.
The memorandum circular takes effect immediately upon issuance.

This comprehensive framework institutionalizes whole-of-government efforts for financial inclusion, fostering coordination, accountability, and sustainability in advancing inclusive financial access for national development.

END