January 13, 2012, 12:18am
MANILA, Philippines — US Deputy Secretary of the Treasury Neal S. Wolin
visited Wednesday a mobile banking site in Quezon City and discussed
ways to expand access of lower-income "unbanked" citizens to financial
services.
Wolin visited Gamot Publiko, an agent of BPI Globe BanKO, Incorporated
(BanKO), and discussed how the Philippine government and private sector
are working together to expand access to financial services using mobile
communications technology.
During the visit, Wolin spoke with BanKO mobile banking clients about
the positive impact of this innovative service.
Gamot Publiko is located in Quezon City across from Kamuning Market and
near Delgado Clinic.
The two-day visit of Wolin in Manila highlighted the efforts of the US
and Philippine governments to promote broad-based economic growth, which
is a key objective of the Partnership for Growth program launched by the
two nations in November last year.
A joint venture between the Bank of the Philippine Islands, the Ayala
Corporation, and Globe Telecom, BanKO offers financial empowerment to
individuals who otherwise would not have access to credit and savings
services using mobile technology.
A study revealed that an estimated 85 percent of Filipinos have a mobile
phone, but only 26 percent have access to formal financial services like
credit and savings.
Wolin is the Deputy Secretary of the Department of the Treasury. Prior
to this, he served in the Obama White House as Deputy Assistant to the
President and Deputy Counsel to the President for Economic Policy.
Before joining the Obama Administration, Wolin was the President and
Chief Operating Officer of the property & casualty insurance companies
of The Hartford Financial Services Group, Incorporated.
He served as Executive Vice President and General Counsel of The
Hartford from 2001 to 2007 and oversaw the company's law, government
affairs, communications, marketing and tax functions. (CSL)
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