The Bangko Sentral ng Pilipinas (BSP) has commended key partner institutions across Northern Luzon for their crucial role in expanding financial inclusion, promoting digital payment adoption, and safeguarding consumers against online fraud.

Speaking at a stakeholder recognition ceremony at the Baguio Country Club on Thursday, BSP Deputy Governor Bernadette Romulo-Puyat expressed gratitude to local government units, commercial banks, and the Department of Trade and Industry (DTI). She highlighted that 15 outstanding partners were selected based on extraordinary efforts extending far beyond their official mandates.

These initiatives include accepting unfit banknotes from non-clients and delivering widespread financial literacy campaigns on budgeting, savings, and cybersecurity. Romulo-Puyat noted that addressing public fears regarding digital scams remains vital as electronic transaction adoption continues to accelerate across the region.

As of 2025, Northern Luzon boasts 231 operating banks and 49 money service businesses, helping push the region’s financial inclusion rate to 58 percent. This growth has been further driven by government social assistance programs transitioning to direct e-wallet and bank account payouts, eliminating long waiting lines for low-income households and farmers. Opening a bank account has also been simplified, requiring just one valid ID and a ₱100 initial deposit for Basic Deposit Accounts with no dormancy or maintaining balance fees.

In a message delivered during the event, BSP Governor Eli Remolona Jr. praised Northern Luzon’s active participation in the Paleng-QR PH Plus program, which empowers public market vendors, transport drivers, and small business owners to seamlessly transition into the digital economy while reinforcing public trust in the country's financial ecosystem.

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