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According to the survey, account ownership has surged from 29% in 2019 to 56% in 2021. This increase is the highest in two years since the survey began in 2015. Using Digital Payments.
Among the latest figures, BSP continues to scale up its efforts to foster wider adoption of digital technologies, so that more Filipinos can effectively participate in the formal financial system. It has become,” said the BSP Governor. Felipe M. Medalla.
The growth in account holders is due to the prevalence of e-money accounts, rising from 8% in 2019 to 36% in 2021. This has become the most popular type of account among middle-class and low-income adults. , and from 15 to 49 years old.
Meanwhile, the share of adults with a bank account has also increased, nearly doubling from 12% in 2019 to 23% in 2021. His third of those with savings continued to choose banks as their formal savings institution, followed by cooperatives and microfinance. institution.
according to FIS, 6 in 10 Filipinos have changed their financial behavior during the pandemic. Filipinos started saving more for emergencies (37%), started or increased their use of online banking and digital payments (17%), and borrowed more (15%). .
The FIS also showed that in 2021, 60% of people with mobile phones and internet access made financial transactions online, such as transferring money and making payments. That’s a significant increase from his 17% in 2019.
However, challenges remain to the financial inclusion agenda. Major barriers to account ownership still remain, including lack of income and transaction costs. Additionally, lack of documentation to open an account is still prevalent in large segments of the population. Additionally, the study found that more than half of savers still keep their money at home.
These challenges are more pronounced among low-income groups, highlighting the importance of strengthening mechanisms to support the financial resilience of vulnerable segments of the population.
With the National Strategy for Financial Inclusion 2022-2028, the BSP will work with other government agencies, as well as the private sector and development partners, to accelerate financial inclusion for broader growth and financial resilience. We continue to work to achieve our shared vision,” said Gov.
Francis Bignell
