Memorandum Circular No. 97

Section 1. Whole-of-Government Support for the National Strategy For Financial Inclusion (NSFI). All departments, agencies, and instrumentalities of the government, including state universities and colleges (SUCs), government-owned or controlled corporations (GOCCs), and foreign-based government agencies, are hereby directed to support the implementation of the NSFI, in line with their respective functions and mandates. Particularly, the whole-of-government shall: i. Incorporate relevant priority initiatives under the NSFI in their respective work programs, policies and budgets; ii. Participate , as requested, in working groups created by the Financial Inclusion Steering Committee and other NSFI initiatives; and iii. Provide relevant data, upon request, subject to data sharing regulations, for purpose of monitoring and evaluation of the NSFI's implementation.

Financial Inclusion as a Subnational Development Agenda

Section 2. Financial Inclusion as a Subnational Development Agenda. All Regional Development Councils (RDCs) and equivalent bodies are enjoined to adopt financial inclusion as a development agenda. RDCs and Local Development Councils (LDCs) are highly encouraged to reflect financial inclusion objectives, priorities, and targets, in accordance with the NSFI, in their regional and local plans and programs. All local government units (LGUs) are likewise encouraged to promote financial inclusion within their respective jurisdictions, particularly in their capacity development programs, provincial development and physical framework plans, as well as other local planning, programming and budgeting, local legislation, project development, implementation, and monitoring and evaluation activities.

Role of the Financial Inclusion Steering Committee (FISC)

Section 3. Role of the Financial Inclusion Steering Committee (FISC). The FISC shall coordinate with and provide technical assistance to RDCs and LGUs in the implementation of this Circular, particularly as regards the incorporation of NSFI objectives, priorities and targets in their respective plans and programs. The FISC shall also conduct information, education and communication activities towards building public understanding on the NSFI.

Funding

Section 4. Funding. Funds necessary for the implementation of this Circular shall be charged against the appropriations of concerned government agencies with respect to their NSFI-related programs, projects and activities, subject to the usual accounting and auditing requirements, rules and regulations.

Repeal

Section 5. Repeal. All isssuances, rules and regulations or parts thereof, which are inconsistent with this Circular are hereby repealed or modified accordingly.

Effectivity

Section 6. Effectivity. The Circular shall take effect immediately. DONE in the City of Manila, this 23 rd day of June, in the year of Our Lord, Two Thousand and Twenty Two.                                   By authority of the President:                       (SGD.) SALVADOR C. MEDIALDEA Executive Secretary