Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), recently met with National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan to explore key issues in advancing financial inclusion in the Philippines.
During the meeting, Queen Máxima and Secretary Balisacan discuss critical topics such as identity authentication, enhancements to digital payment systems, and the country’s preliminary efforts in open finance.
“This is indeed a great opportunity to reflect upon and discuss our country’s achievements in inclusive financing, identify challenges, devise solutions, and plan further improvements to our financial inclusion initiatives,” Balisacan said.
Open finance, which involves the sharing of customer-authorized data among financial institutions and third-party providers, aims to foster innovative financial solutions. It enables customers to access their data and reduces information asymmetry among financial service providers. This approach emphasizes user privacy, secure data handling, and inclusivity, aligning with the goals of the Philippine Development Plan (PDP) 2023-2028, which seeks to drive economic and social transformation through fiscal sustainability and digital innovation.
As the UNSGSA, Queen Máxima is a leading advocate for expanding access to affordable, effective, and responsible financial services globally. She works with public and private sectors to raise awareness about financial inclusion and supports country leaders in developing inclusive finance solutions and innovative business models to boost their economies and unlock development opportunities.
Queen Máxima was appointed UNSGSA by former Secretary-General Ban Ki-moon. She is a trained economist with extensive experience in international finance and emerging markets.