Despite the rapid expansion of digital financial services in the Philippines, more than half of Filipino adults remain unbanked, according to a recent report. The surge in mobile wallets and online banking platforms has not yet translated into widespread formal account ownership.
Data from the Bangko Sentral ng Pilipinas (BSP) shows that while digital transactions have grown significantly, around 51% of adults still do not have a bank account. The central bank's Financial Inclusion Survey reveals that cash-based transactions dominate daily commerce, particularly in rural areas where access to banks and internet connectivity is limited.
"The challenge is not just about availability of digital tools, but also about trust, literacy, and economic capacity," said a BSP official.
Key barriers include lack of regular income, high transaction costs, and preference for informal savings mechanisms. The BSP is pushing for expanded financial education and simplified account opening procedures to bridge the gap. However, progress remains uneven, with urban centers far outpacing provinces.
The findings underscore the need for targeted policies to ensure that digital finance growth benefits all Filipinos, not just those already connected to the formal banking system.