Despite the
modernization of the economy and society, conversations on finances and credit
remain uncommon, but Pia Arellano
hopes to change that. Since taking the helm as President and CEO for TransUnion Philippines some five years ago,
Arellano has devoted herself to advancing credit literacy and financial
inclusion, and ultimately, improving the lives of Filipinos at large. She was
earlier named one of the Women of
Substance by business and lifestyle magazine Rising Tigers.
“Just mentioning the words finance,
credit or loans can unnerve many Filipinos, especially those raised to be extra
cautious about money management. But in a country where around 51 million
adults still lack access to formal credit or banking accounts, these are topics
we need to bring into the mainstream of public dialogue,” said Arellano.
Credit
literacy and financial inclusion are not merely about understanding credit.
They are about wielding the power to access opportunities made possible by
responsible lending. And on a greater scale, building a nation of well-informed
citizens confidently making sound financial decisions.
Historically,
achieving financial inclusion could be challenging with the lack of
digitalization, technologies and expertise. “Ten
years ago, TransUnion didn’t exist in the Philippines, so it could be challenging
for lenders to have an informed view of a consumer’s genuine identity and
creditworthiness. Today, TransUnion plays an important role in bridging that
gap.” Arellano said she and her team have made it their mission to make
trust possible by empowering businesses to make informed decisions, and
ultimately, enabling consumers to achieve great things. She believes that is
the power of financial inclusion.
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