Asia: Philippines unbanked

World Bank figures for 2018 show that only 34.5% of Filipinos at least 15 years of age have a bank account which has improved by only 3.2% over the last 4 years.

While the growth hasn’t been spectacular, the nation has seen faster growth in digital payments and online commerce which will help to digitize policies to have more of an impact on reducing the number of unbanked.

Digital payment usage among the banked population has steadily increased to 70% of the population according to RFi Group data.

With Bangko Sentral ng PIlipinas (BSP) pushing for the national retail payment system (NRPS), a digital finance program, as well as the government pushing legislation for biometric national ID bill, it will be interesting to see how successful digital will be in connecting the nation with finance.

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