The Bangko Sentral ng Pilipinas (BSP) has partnered with the Global Finance & Technology Network (GFTN). They launched the Asean Financial Health Challenge this Friday. This initiative targets financial resilience among Filipinos. The goal is to find scalable solutions in financial management.

A recent BSP survey highlights financial issues among Filipino adults. Two-thirds struggle to raise emergency funds. Nearly half find it very difficult. Fifteen percent cannot do so at all. Only 30% believe their finances can last after losing income.

The challenge will focus on three key areas. These include emergency savings, responsible credit, and insurance. Regulators, financial institutions, and innovators will collaborate. Solutions developed may scale across the region.

Bernadette Romulo-Puyat, BSP Deputy Governor, supported this initiative. She emphasized financial health as a priority. The challenge encourages multisector collaboration. It aims to harness regional innovation for better financial health.

GFTN CEO Sopnendu Mohanty explained the challenge's importance. He noted progress in expanding finance access. He also stressed the need for resilience and security. Financial health remains key for inclusive growth in Asean.

Participants can apply until October 2. Judges will announce finalists in early October. Finalists receive masterclasses and mentorship. They also engage with BSP and other financial bodies.

A virtual demo day will decide the top three solutions. Winners will be presented at the Singapore FinTech Festival in November 2026. The challenge offers a pathway for testing and scaling solutions.

Several organizations support this initiative. The United Nations Secretary-General’s Special Advocate for Financial Health is involved. The Digital Bank Association of the Philippines and others also contribute. They provide mentorship and pilot opportunities for the challenge.