For the Bangko Sentral ng Pilipinas (BSP), getting more Filipinos to open bank accounts or use digital payments is only the beginning.
The central bank is pushing for a broader form of financial inclusion—one where financial services are not only available, but also affordable, easy to understand, safe to use, and genuinely helpful in improving people’s everyday lives.
The BSP said digital payments remain a crucial gateway to the formal financial system because they are among the most widely used financial services in the country. Once consumers become comfortable making digital transactions, they may be more likely to explore other financial products such as savings, credit, investments, and insurance.
But expanding digital finance requires tackling barriers that continue to keep some Filipinos on the sidelines.
Cost remains one of the biggest concerns, with surveys showing that fees are among the reasons some consumers avoid digital payments. Studies have also indicated that lower transaction costs can help encourage wider adoption.
Beyond fees, however, Filipinos may also face challenges involving account-opening requirements, maintaining balances, internet connectivity, access to financial service points, digital and financial literacy, consumer trust, cybersecurity concerns, and ease of use.
To address these hurdles, the BSP has been working with government agencies and private-sector partners to make financial services more accessible and practical for a wider segment of the population.
Among its initiatives are Basic Deposit Accounts, which are designed to be easier and cheaper to open. These accounts require an opening amount of no more than ₱100 and do not impose maintaining balance requirements or dormancy charges, helping bring formal banking within reach of more Filipinos.
The central bank has also spearheaded the development of an interoperable digital payments infrastructure that allows consumers to transact across different financial institutions and platforms with greater convenience, security, and affordability.
At the community level, the Paleng-QR Ph Plus program is helping bring cashless payments closer to daily life by encouraging market vendors, tricycle drivers, and other small merchants to accept QR-based transactions.
The initiative is particularly important in expanding digital finance beyond malls and major commercial centers and into public markets, transport services, and neighborhood businesses where many Filipinos regularly transact.
The BSP is also strengthening financial and digital literacy through the BSP E-Learning Academy (BELA) and other financial education programs aimed at helping consumers make better financial decisions and use digital services safely and confidently.
These initiatives are being reinforced by stronger consumer protection measures designed to increase confidence in banks, e-wallets, fintech platforms, and other financial service providers.
At the same time, the BSP continues to encourage competition and responsible innovation in the financial sector. A more competitive market, it said, can give consumers more choices while pushing providers to offer better, more convenient, and more affordable products.
Ultimately, however, the BSP stressed that neither account ownership nor transaction volume should be treated as the finish line.
The bigger objective is financial health—ensuring that Filipinos can effectively manage everyday expenses, build savings, access appropriate credit and insurance, withstand unexpected financial shocks, and work toward a more secure future.
As lead implementer of the National Strategy for Financial Inclusion, the BSP continues to bring together government agencies and private-sector stakeholders to remove barriers and ensure that the growth of digital finance translates into meaningful improvements in Filipinos’ lives.
For the central bank, the measure of successful financial inclusion is no longer simply how many Filipinos are connected to the financial system, but how much that connection helps them build greater financial resilience and opportunity.