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52.8 Million Filipinos Do not Have a Bank Account – BSP Survey
MANILA, Philippines – A total of 52.8 million Filipino adults do not have a bank account despite the increased efforts of Bangko Sentral ng Pilipinas (BSP) to promote financial inclusion .
2017 BSP Financial Inclusion Survey Results) show that 60% of respondents said they did not have enough money as the main reason for not having bank accounts.
About 21% of respondents mentioned the perceived lack of need, while 18% justified the lack of documents. Other reasons cited include high cost of 10%, lack of account opening awareness of 9%, lack of work of 8% and lack of awareness of 8%.
owning an account is estimated at 15.8 million or 22.6 percent of the total adult population or individuals aged 15 and over. This is an improvement over the 22% from the inaugural survey of 2015.
The possession of an account that can be used to save, receive a salary, send or receive funds and pay bills is a fundamental indicator of financial inclusion. The BSP stated that banks continue to have a larger share with 11.5% penetration than non-banks such as non-governmental microfinance organizations with 8.1%, cooperatives with 2.9% and associations savings and credit with 0.3%
Only 1.3 percent of Filipino adults have electronic money accounts (electronic money).
The survey also found that the percentage of Filipino adults with savings increased from 43% in 2015 to 48% in 2017, while Similarly, the BSP has significantly reduced the share of borrowers obtaining credits from informal sources of 40% in 2017 against 72% in 2015.
Wome Although the penetration of bank and electronic accounts is slightly higher among men, women are twice as likely have an account that men in general.
Faced with the persistent challenges of financial exclusion of women, the Philippines presents an interesting case where the rate of financial inclusion is significantly higher among women than men.
While the formal penetration of accounts remains low and growth is modest,
At present, accounts are still underutilized for payment and remittance transactions. Of the account holders, only 18% receive a salary, 12% send or receive money and 6% receive a pension from their account.
Nearly nine out of 10 adults have payment transactions, 60% of which are in cash. Remittances are very common among shippers and recipients of money, as 93% of them used remittances, while 83% used remittances to receive money [1]. 19659004] "Digitizing these payments and transfers of funds, inclusion", says BSP
The BSP aims to develop a digital finance ecosystem that meets the diverse needs of all users in a safe, sustainable, convenient and affordable way through the through the National Mass Payment System
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