A third of Filipinos now hold bank accounts – allowing them to save money or make and receive payments, wages or financial assistance – thanks to a growing demand among consumers for digital payment services, the central bank said on Sunday.
In a press statement, the Bangko Sentral ng Pilipinas quoted the World Bank’s 2017 Global Findex study that showed 34.5 percent of Filipinos aged 15 and above now have direct access to the formal financial system, up from 31.3 percent in 2014.
“While gains are modest, the Philippines made remarkable strides in indicators pertaining to digital payments,” the BSP said.
It noted that the share of adults who used the internet to pay bills or make online purchases grew by 6.3 percentage points to 9.9 percent in 2017. Those who made or received digital payments in the past year rose by 5.6 percentage points to 25.1 percent in 2017.
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“The prospects look bright as the Philippines takes deliberate measures towards digitization,” it said.
“Formal accounts” refer to those held in financial institutions such as banks, cooperatives or microfinance institutions and can be an electronic money account, as well.
