MANILA, Philippines — Senator Grace Poe has filed a bill seeking to expand the reach of banks in remote areas by tapping “cash agents” like reputable convenience stores, pharmacies, and other highly accessible retail outlets to service unbanked and “underserved” Filipinos. According to Poe, the bill is geared towards incorporating a larger portion of the country’s population into the financial mainstream. The bill also seeks to strengthen safeguards to secure transactions with these cash agents. The contracting bank remains ultimately liable for the actions of their cash agents under the proposed measure. Poe also encouraged local government units to grant incentives to cash agents and to provide financial literacy training to their respective communities.

Source: Philippine Daily Inquirer July 22, 2020 02:48 UTC