Senatorial candidate Chavit Singson proposes ‘Banko ng Masa’ and credit cards for the poor
Former Ilocos Sur Governor Luis “Chavit” Singson speaks at a press conference. (Contributed photo)
MANILA, Philippines — Businessman and former Ilocos Sur Governor Luis “Chavit” Singson wants a Senate seat in order to “give bank accounts” and “credit cards” to Filipinos.
In an ambush interview prior to his filing of certificate of candidacy (COC) for Senator at Manila Hotel on Monday, Singson faced reporters and laid out the reason why he is gunning for a seat in the upper chamber.
“[Ito ay] para sa masa, para matuloy ang ginagawa kong pagbibigay ng bank account at credit card sa lahat ng ating kababayan,” he said.
(This is for the people, so that I can continue what I have been doing in terms of giving bank accounts and credit cards to Filipinos.)
Inside the Manila Hotel’s Tent City, he delivered a speech before reporters, clarifying that he has been doing the initiative in Ilocos Sur.
“Yung card na ginagawa na namin — meron kaming planong ginagawa sa aming bayan na kung anong bayan nila, ‘yun ang card nila. Itong card na ito international, worldwide, visa card. Lahat ng bayan [ay] magkakaroon. Buong Pilpinas ay mamimigay kami [nang] libre with bank account, credit card [at] debit card,” said Singson.
(The card that we are handing out — we have a plan that is being made in our town that whatever their town is, that is their card. This card is international, worldwide, visa card. All towns [will] have these cards. All over the Philippines, we will give out [for] free with bank account, credit card [and] debit card.)
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He said he will continue the initiative regardless if he wins or loses, adding that it will help improve the economy if Filipinos’ funds are in the bank.
“Ang pera ng mga tao, karamihan ngayon ay nasa ulunan lang. Kung saan-saan itinatago. Pag nawala, away. So makakatulong po ito. Ginagawa ko na [at] gagawin ko pa… Mas marami akong magagawa kung ako ay ihahalal na senador,” he said.
(Most people’s money today is only under pillows. It is kept just anywhere. When lost, fight occurs. So this will help. I am already doing it [and] I will do more… I can do more if I am elected senator.)
Singson said he intends to focus on addressing the financial exclusion that affects millions of Filipinos.
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His flagship project is called ‘Banko ng Masa,’ a comprehensive initiative aimed at providing universal access to banking services for Filipinos, particularly those who do not have access to formal financial institutions.
Currently, 77% of Filipinos do not have bank accounts, while 95% lack debit or credit cards.
Singson’s plan seeks to change this by ensuring that every Filipino aged 18 and above has access to a bank account and a credit card.
In addition to helping those in the Philippines, the Banko ng Masa will also extend benefits to overseas Filipino workers (OFWs).
By lowering remittance fees, Singson hopes to ease the financial burden on the families of OFWs, who rely heavily on the money sent home from abroad.
Apart from granting bank accounts and credit cards to Filipinos nationwide, Singson likewise vowed to push for the modernization of electric vehicles like jeep, tricycles and motorcycles.
