Bank accounts and online payments grow in The Philippines

The increase in bank accounts is due to a growing demand among consumers for digital payment services, the central bank said. 

In a press statement, the Bangko Sentral ng Pilipinas (BSP) quoted the World Bank’s 2017 Global Findex study that showed 34.5% of Filipinos aged 15 and above have direct access to the formal financial system, in 2018, up from 31.3% in 2014.

The share of adults who used the internet to pay bills or make online purchases also grew by 6.3% points to 9.9% in 2017. Those who made or received digital payments in 2017 rose by 5.6% points to 25.1%. 

Formal account penetration in the country improved by 3.2% points between 2014 and 2017, translating to more than 3.7 million Filipino adults who opened accounts during the period.

The 2017 Global Findex also highlighted key challenges to disadvantaged segments such as farmers and small businesses. Those who borrowed to start, operate or expand a farm or business declined to 4.2% in 2017 from 13.6% in 2014. One in five adults received payments for the sale of agricultural goods, slightly unchanged from 2014 to 2017.