How many Filipinos own a bank account?

MANILA, Philippines – Less than 50,000 Filipinos have deposit accounts.

Only 41 out of 100,000 Filipinos have deposit accounts, the National Economic and Development Authority (NEDA) said in a statement on Monday, February 18. The figure is way below the government’s 2016 target of 750,000 Filipinos — or 750 out of 100,000. 

“To further expand client reach in the countryside, market participants and regulators alike have to innovate and foster strategic partnerships,” Socioeconomic Planning Secretary Arsenio M. Balisacan said.

Balisacan said this is the reason why the government is pushing for increased access to financial services in the coming years.

Some achievements

Balisacan, however, noted some targets already met, based on goals set out in the Philippine Development Plan (PDP) for 2011-2016.

“Some of the major targets that were planned to be attained in 2016 had already been achieved before the end of 2012. For example, the number of bank offices per city or municipality now averages at 6, and we still see it expanding. The amount of microfinance services, already at P7.6 billion, is above the 2016 target,” Balisacan said. 

According to the agency’s socio-economic report (SER), reform in the financial sector has been hastened through the support of cooperatives nationwide. The SER stated that there were 7,565 more cooperatives established in 2011 alone. Overall, there were 20,792 cooperatives by the end of 2011, with 3 out of 4 being micro cooperatives, or those with an asset size of P3 million and below.

The SER stated that the country’s financial inclusion agenda has been recognized by international institutions. In 2010, the Economic Intelligence Unit (EIU) rated the Philippines as the best in overall regulatory environment for microfinance among 54 countries. – Rappler.com

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