The Bangko Sentral ng Pilipinas (BSP) said it remains committed to deepening financial inclusion to ensure that more Filipinos will be onboarded to the formal financial system.
The BSP made the statement late Wednesday after the release of a World Bank report showing a slight decline in financial account ownership.
In its Global Findex 2025 report, the World Bank said that 50.2 percent of Filipinos 15 years old and above owned an account in banks and other microfinance institutions.
This was slightly lower than the 51.4 percent during the last World Bank report in 2021.
“While the 2024 World Bank Global Findex report shows a slight decline in account ownership, this may reflect the easing of pandemic-related incentives to use transaction accounts,” the BSP said.
The central bank that persistent challenges remain, such as connectivity gaps, low financial literacy, and trust issues.
It noted, however, that there are gains observed from 2021 to 2024.
These include the increased use of mobile money accounts, formal savings, and improved financial resilience, as measured by the ability to access extra funds within 30 days and higher account ownership among women, the poorest 40 percent, and those out of the labor force.
“These results highlight the need to go beyond account ownership and focus on improving financial health, especially for vulnerable sectors,” the BSP said.
“The BSP remains committed to working with partners to onboard more Filipinos to the formal financial system and support their financial well-being through inclusive, secure, and accessible financial services,” it added. (PNA)
