The number of Filipino adults who own a bank account remains low, which makes it imperative for the government to intensify its financial inclusion efforts.
Based on the 2017 Financial Inclusion Survey conducted by Bangko Sentral ng Pilipinas, the number of Filipino adults who own an account was estimated at 15.8 million or around one-fourth of the total adult population.
The FIS is a nationally representative survey dedicated to collect financial inclusion data from the perspective of Filipino adults (defined as individuals aged 15 and above). It was the second run of the national survey with the baseline conducted in 2015.
Ownership of an account that can be used to save money, receive the salary, send or receive remittance, and pay bills is a basic indicator of financial inclusion.
Banks continue to have a higher share (11.5 percent) in account penetration than non-banks such as micro-finance non-government organizations (8.1 percent), cooperatives (2.9 percent), and non-stock savings and loan associations (0.3 percent).
Only 1.3 percent of adults have an electronic money (e-money) account.