MANILA -- Amid physical distancing measures that make digital transactions more appealing especially for the tech-savvy youth, close to 32,0001 participants, mostly from the youth sector, have viewed the livestream of the first ever youth summit of the Bangko Sentral ng Pilipinas (BSP). With the theme, “Ibangon natin and ekonomiya, i-digital mo na!”, the 2021 BSP Youth Summit2 on digitalization and financial inclusion streamed in English and Filipino, as well as Cebuano and Ilokano.

“With its affinity to electronic financial services, the youth is a key strategic partner for the BSP’s digitalization initiatives. Through the summit, we aim to empower our youth who will be our future leaders in the envisioned Digital New Economy. The summit also served as a platform to discuss the central bank’s initiatives in promoting a cash-lite society,” said BSP Governor Benjamin E. Diokno.

The youth event was part of the month-long activities for BSP’s 28th anniversary and part of the central bank’s efforts to bring the “BSP Closer to the People”.  In the #AskGovBen portion of the program, Diokno responded to some of the more than 200 questions on the economy, financial digitalization, and digital currency submitted by young Filipinos from all over the country. The youth summit also received more than 7,600 comments on the BSP’s social media pages with close to 22,000 engagements (reactions, comments, and shares) and an engagement rate of 38%.

Socioeconomic Planning Secretary Karl Kendrick T. Chua shared updates on the National ID and how it supports the government’s drive for financial inclusion. Deputy Governor Mamerto E. Tangonan of the BSP Payments and Currency Management Sector discussed “Cyber Hygiene Practices in Digital Financial Transactions.” In response, 11 youth organizations declared their support for BSP’s digitalization efforts.

The youth event also featured a competition among college students on proposals designed to contribute to the country's financial inclusion objectives. The BSP received and evaluated over 90 proposals from which a selection committee selected the top 5.

The proposal of University of The Philippines Diliman's Jemar R. Luczon, Alaine Milka C. Gosyco, and Jed Daryl V. Laborada entitled, “We Digitize as One,” under Coach Carlo Jae P. Delos Santos was declared the first placer and received P56,000 worth of prizes, including limited edition 5,000-piso Lapu-Lapu commemorative notes.

The following teams were also selected to be among the top five:

2nd place: “PALENG-QR PH,” University of the Philippines Los Baños; Members: Caile Monteser, Paolo Nicomedes, Reymar Cabatu, Harper De Leon, and Martin Torres; Coach: Joram Obsioma

3rd place: “e-Peso,” University of Asia and the Pacific; Members:  Dana Marie Castillo, Anna Maria Domingo Grio, Jose Diaes Gesnson, Carlo Cordovez, and Aubrey Paliza; Coach: Jodie Claire Aquino Ngo

4th place: “Pagsupnit,” Catanduanes State University; Members: Joal C. Cocjin, Joriza Kate Zafe, Eunice Audrey Tendenila, Jinky Tapel, and Andrew Valatero; Coach: Ian V. Aranel

5th place: “TEKNEGOSYO,” Ateneo de Manila University; Members: Eunice Gayle Y. Tanilon, Maria Lourdes Adriana C. Torres, Leovigildo Ramon A. De Castro III, Romanico Antonio H. Solomon, and Ivan Lewis C. Bueno; Coach: Mariel Vincent A. Rapisura.

Participants lauded the timeliness of BSP’s efforts towards digital financial inclusion. Santiago Lliceij Eam Dueñas, who was watching the summit in Ilokano, commented, “Digital payments are particularly helpful to us now that we are in the midst of the pandemic. It is much easier to pay and receive payments than before, because we don't have to go to transfer centers. But we still must protect our privacy against hackers and be wise against scammers. And I hope that digital payments will be more improved and made safer to use.”

Other participants were convinced to shift to digital services, like Lady Lyn Fortin who said, “This is a very informative event and (it) really encouraged me to switch to digital financial transactions. Thank you BSP!”

Meanwhile, Jervis Lloyd Atilano noted the event also proved relevant for other audiences. He said, “Not just for the youth, but also for adults, this summit is informative and educational and timely in this time of pandemic and crisis. Thank you BSP!”

Many in the audience also look forward to another BSP youth summit like Rhia Sapa who wrote, “This summit is really relevant and informative. I hope there will be another event like this next year so more participants will be able to join. Thank you for this webinar, BSP.”

The youth summit is one of BSP’s projects geared towards expanding the use of digital payment to reach the unbanked and the under-banked sectors of the country. (BSP)

¹ As of 26 July 2021
² You may watch the 2021 BSP Youth Summit on Facebook through this link: bit.ly/2021BSPYouthSummit.