Foreign
OVER half of the Philippines’ adult population now own a financial account, according to a survey result released on Monday by the Philippine central bank.
The Bangko Sentral Pilipinas (BSP) survey showed that the account ownership surged to 56 per cent in 2021, up from 29 per cent in 2019, the expansion was spurred by the COVID-19 pandemic accelerating the use of digital payments.
The BSP attributed the increase in account ownerships to the uptake of e-money accounts, which climbed to 36 per cent in 2021 from eight per cent in 2019.
“This became the most common type of account among adults in the middle class and low-income population, as well as those aged 15 to 49 years old,” the BSP said.
The share of adults with a bank account also rose, almost doubling to 23 per cent in 2021 from 12 per cent in 2019.
According to the survey, six out of 10 Filipinos altered their financial behavior during the pandemic.
However, the survey also found that over half of savers still keep their money at home, particularly among lower-income groups. (Xinhua/NAN)
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Tags: Bangko Sentral Pilipinas (BSP)
