ECOP attends BSP’s 2nd Financial Inclusion Forum for the Labor and Employers Sector
The Bangko Sentral ng Pilipinas (BSP), in partnership with the Department of Labor and Employment (DOLE), held its 2nd Financial Inclusion Forum for the Labor and Employers Sector on July 30, 2024 at the BSP Head Office in Pasay City.
The forum was organized to raise awareness on the adoption of digital wage payments and encourage private establishments and institutions to use transaction accounts for enhanced convenience and improved business productivity.
In his intervention, ECOP Governor Mr. Federico R. Marquez Jr. discussed the benefits and challenges of wage of digitization. He also talked about the implementation of the project “Supporting the Transition to Responsible Digital Wage Payments Among SMEs in the Philippines” in different regions, conducted in partnership with the ECOP Chapters, as well as the programs and services ECOP can provide to assist employers in their wage digitization journey.
Following this, concrete recommendations, actual scenarios, and realistic expectations were laid out by financial digital solutions and services such as Maya and 1 Cooperative Insurance System of the Philippines. To further strengthen the campaign toward digital wage payments, the BSP and DOLE showed their full support as they discussed various laws ensuring financial consumer protection. Financial programs, like Personal Equity and Retirement Account (PERA), were also launched to espouse financial security of workers in the long run.
Participants, comprised of various organizations from the labor and employers’ sector, as well as several government agencies and other key stakeholders, were also able to ask questions and put forward issues and difficulties faced in the adoption of digital wage payments through an open forum with the speakers.
ECOP Project Associate Mr. Jerus Alem Roxas and Training & Development Specialist Ms. Thalia Rose Tulad also represented ECOP in the forum.