Despite a modest drop in the number of Filipinos with formal financial accounts, the Bangko Sentral ng Pilipinas (BSP) is doubling down on its mission to boost financial inclusion and ensure that more citizens gain access to secure and reliable financial services.
The central bank’s renewed commitment came on the heels of the World Bank’s Global Findex 2025 report, which revealed that only 50.2 percent of Filipinos aged 15 and above have an account with a bank or microfinance institution—a slight dip from 51.4 percent in 2021.
The BSP attributed the minor decline to the waning impact of pandemic-era incentives, which had temporarily boosted the use of transaction accounts. But it emphasized that the bigger picture offers reasons for optimism.
“While there was a marginal decrease in account ownership, there were significant gains in other areas that matter just as much—if not more,” the BSP said.
Rising use of mobile money and greater inclusion
Between 2021 and 2024, the Philippines saw a rise in the use of mobile money, increased rates of formal saving, and improved financial resilience. More Filipinos are now able to access emergency funds within 30 days—a key indicator of financial health.
Crucially, progress was observed in traditionally underserved sectors. Account ownership grew among women, individuals from the poorest 40 percent of households, and those outside the labor force.
“These trends show that inclusion efforts are reaching the right people, but we must push further,” the BSP said. “It’s not just about opening accounts—it’s about building financial resilience and trust, especially among the vulnerable.”
Overcoming barriers: Connectivity, literacy, and trust
The central bank acknowledged lingering obstacles such as poor internet access, low levels of financial literacy, and ongoing trust issues with formal institutions. It stressed that overcoming these barriers is essential to unlocking the full benefits of financial inclusion.
“The BSP remains committed to working hand-in-hand with its partners to bring more Filipinos into the financial mainstream,” the bank said. “Our goal is a financial system that is not only accessible, but also safe, inclusive, and responsive to people’s real needs.”
As the country continues its digital transformation, the BSP believes that financial inclusion will be key to empowering citizens and promoting long-term economic resilience.