AT the recently held World Financial Innovation Series (WFIS) Philippines 2026, themed ‘Expanding Financial Capability Across the Philippines,’ industry leaders converged to innovate the future of finance.
Philippine Business Bank (PBB) President and CEO Rolando R. Avante delivered a compelling keynote on ‘Open finance,’ emphasizing its role as a growth engine for new revenue, partnerships, and customer value. His powerful message urged transformative leadership, digital innovation, and responsible lending to foster sustainable growth in the Philippine banking sector.
Transformative banking
AVANTE outlined the remarkable potential of ‘Open finance.’ It transcends being merely a regulatory framework; it serves as a dynamic growth engine that unlocks new revenue streams, fosters partnerships, and enhances customer value. ‘The future of banking is here,’ he declared.
He highlighted the vital role of AI, cloud-native systems, and open finance frameworks in revolutionizing customer experiences and expanding access to underserved communities. This is not just about technology; it’s about creating opportunities.
Avante also called on financial institutions to pursue sustainable profitability, anchored in trust and resilience. By integrating the National ID system through authentication services, he envisions secure identities for all Filipinos – enabling faster SME onboarding, stronger fraud prevention, and inclusive access to finance.
Aligning with the central bank’s ‘National Strategy for Financial Inclusion 2022-2028,’ Avante urged banks, regulators, and fintechs to unite in bridging gaps in access and literacy. ‘Identity alone isn’t enough; we must empower our people with financial literacy,’ he stressed. With a National ID linked to Open Finance, every Filipino can gain not just access to accounts but also the knowledge to manage credit, savings, investments, and digital tools. Financial literacy, he emphasized, is the bridge between identity and true empowerment.
One of the most riveting moments came when Mr. Avante highlighted the perils of high-interest lending. He poignantly warned, ‘Borrowers can easily get buried under debt when interest charges are excessive.’ He rallied financial institutions to adopt fairer, more inclusive lending models that empower rather than exploit individuals.
Indelible mark
IN his closing remarks, Mr. Avante left an indelible mark on the audience: ‘Ang nagigipit, sa utang kumakapit. But that should not be the case.’
He urged the financial industry to create pathways that prevent borrowers from falling into unsustainable debt traps and empower them to thrive through responsible and inclusive banking.
Mr. Avante’s keynote reinforced his role as a leader in transformative banking and emphasized a moral imperative in the WFIS agenda. His advocacy for ethical lending and financial inclusion reminded attendees that innovation should prioritize people over profits.
The impact of his words was palpable; two panelists, the CIO of GSIS and the Sustainability Office Head of EastWest Bank, echoed his messages in their own keynotes. Mr. Avante’s powerful reminder-‘Ang nagigipit, sa utang kumakapit.’-resonated throughout the event, amplifying his call for responsible banking and a brighter financial future for all.