Courtesy Call of Her Majesty Queen Máxima of the Kingdom of Netherlands, United Nations Secretary-General’s Special Advocate (UNSGSA) for Inclusive Finance for Development
Music Room, Malacañan Palace
May 22, 2024
President Ferdinand R. Marcos Jr. warmly welcomes Her Majesty Queen Máxima of the Netherlands, who also serves as the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), in a courtesy call at the Music Room in Malacañan Palace on May 22, 2024.
In his brief welcome remarks, the President expresses his gratitude to Her Majesty for championing the welfare of small businesses, particularly the micro, small and medium enterprises (MSMEs), noting that MSMEs comprise 99% of the country’s economy.
During the meeting, Her Majesty Queen Máxima personally congratulates the Philippines on achieving 56% financial inclusion two years ago, a significant leap from the 17% recorded nine years prior.
Additionally, she shares insights on improving the country’s financial inclusion and financial health, emphasizing the following points: enhanced digital connectivity in rural areas with improved prices and quality; reassessment of the country’s pricing structure to eliminate merchant surcharges, encouraging high volume and low prices; improved tax schemes and payments; challenges with the Philippine Identification System (PhilSys); open finance; and improved digital infrastructure, among others.
The Queen also expresses her commitment to providing the Philippines with all the guidance needed to achieve 85% financial inclusion and to be classified as an upper-middle-income country.
In her three-day visit, which began on 20 May 2024, the Queen visited Talim Island in the Province of Rizal to personally assess the financial inclusion of the fisherfolk community, including smallholder farmers. She is also scheduled to speak with a women’s focus group in Manila on how financial services contribute to financial health and resilience. She previously visited the Philippines in 2015.
In both her UN work and in the Netherlands, the Queen has championed financial health as a guiding principle in developing policies and financial products that are attuned to people’s needs.
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