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MANILA, PHILIPPINES – Only 15.8 million Filipino adults have bank accounts, according to the latest survey on financial inclusion led by the Bangko Sentral ng Pilipinas (BSP).
A much higher number of adults – 52.8 million – did not have a bank account, with 60% of them stating that they did not have a bank account. enough money for that.
The central bank, which has redoubled efforts in seeking funding for inclusion, measures this by the number of people who save, receive salaries, pay bills and send or receive funds through through financial accounts.
The survey defines adults as those aged 15 and over.
The 2017 BSP Financial Inclusion Survey found that the 15.8 million account holders account for 22.6% of the total adult population – a slight increase from 22% of the first FIS survey in 2015.
Twenty-one percent account holders say they do not see the need, while 18% can not produce the documents required to opening an account; 10% say the cost of the top; 9% do not have knowledge on opening accounts; 8% are unemployed; and 8% lack of awareness.
Other results of the FIS 2017 are:
- Only 1.3% have electronic money accounts
- Filipino adults with savings increased to 48% in 2017 from 43% in 2015.
- There are women twice as likely to have financial accounts as men, although a few more men than women have bank accounts and e-money.
- widely used to save money. Only 18% of account holders use their accounts to receive a salary; 12% to send or receive money; and 6% to receive a pension.
- 9 in 10 account holders perform payment transactions and 60% of them pay in cash.
- Most remittance transactions are done at the counter; 93% of them send money, while 83% receive it, through agents.
– Rappler.com
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