Currently, there is roughly one bank and two ATMs for every 10,000 Filipino adults. Compared to the countries identified as appropriate peers for benchmarking financial inclusion in the Philippines, these figures are lower than that of Mexico, Peru, and Malaysia but higher than that of Kenya and Thailand. Bangko Sentral ng Pilipinas (BSP) committed to the Maya Declaration in 2011 where policy areas included agent banking, consumer protection, financial literacy, microsavings and microinsurance, data and measurement, e-money framework, and national strategy. As only half of the adult population currently have their own deposit account, BSP committed to making it possible for all adult population to have deposit accounts in a regulated financial institution. This will further enable people to have access to other financial services such as credit, remittances, and microinsurance.
To date, Bangko Sentral ng Pilipinas drafted a national strategy for financial inclusion for consultation with a broader stakeholder group. In order to expand financial access touch points, BSP broadened the scope of microfinance savings deposit accounts and devised ways to establish innovative channels beyond bank branches such as microbanking offices, non-bank agent networks, and e-money ecosystem. In addition, BSP is making efforts to strengthen data and measurement by geocoding financial access points including non-banks, and designing a nationwide demand-side survey on financial inclusion.
Source: Report on the State of Financial Inclusion in the Philippines by Bangko Sentral ng Pilipinas