Philippines Facilitates Work in Developing a WTO Financial Inclusion Agenda

Mr. Gabriel Bautista of the Philippine Mission to the WTO presides over the WTO Committee on Trade in Financial Services on 2 October 2023 (photo from Geneva WTO)

GENEVA 09 October 2023 – The Philippines continued its role to support the development of a WTO financial inclusion agenda through the WTO Committee in Trade in Financial Services (CTFS) at its recent meeting on 2 October 2023. The Philippines’ representative, Mr. Gabriel R. Bautista, assumed the role of CTFS Chair in July 2023, and has been working with member delegations to revitalize the committee’s work. In his opening statement Mr. Bautista noted that there is “a clear interest among Members to deepen discussions on financial inclusion and its impact on development and the real economy, bearing in mind the role of trade in financial services… specific recommendations were made in particular, to further explore two aspects: firstly, the impact of digitalization on financial services and how Members could better leverage digital technologies to promote access to financial services and advance financial inclusion domestically and worldwide, and secondly, how domestic regulatory frameworks have been adapted to take account of innovation and technology in the context of financial inclusion policies.”

Members had an interactive exchange on developing the WTO’s financial inclusion, with many delegations expressing support for further work on the impact of digital technologies on financial services and financial inclusion. During the Meeting, the Philippine delegate, Mr. Cedric Barcena, expressed support for continued work on financial inclusion within the CTFS and highlighted that this agenda would complement recent work of the Alliance for Financial Inclusion, which convened its Global Policy Forum last month in the Philippines.

The Philippines noted that during the Forum, the “Manila Manifesto” was issued and which “which calls for enhancing ties with relevant international organizations to make financial products and services accessible, safe and affordable to all. The Manila Manifesto called for engagement with standard-setting bodies and other relevant international bodies on how financial inclusion considerations can be further factored into the implementation of global standards by engaging in regular dialogue and knowledge exchange on global coordination of inclusive regulatory frameworks related to climate risks and emerging technologies as well as harnessing the power of innovation and data for inclusion.”

Members from had a rich discussion of national experiences on the role of digital technologies, with many expressing interest to explore technical issues such as regulatory frameworks, e- payments and new payment platforms, international standards, promotion of application programming interface (API), consumer data rights, role of connectivity, and the impact on underserved groups such as MSMEs, youth, women, rural and indigenous communities.

Linked to the financial inclusion agenda, Members also considered a proposal from India and the Philippines on international remittances. Members provided useful feedback on the concept and agreed to revert to the matter in the coming weeks. END

Mr. Cedric Barcena of the Philippine Mission to the WTO delivers the Philippine intervention on financial inclusion and the “Manila Manifest”

(photo from Geneva WTO)

For more information, visit https://wtopm.dfa.gov.ph/