BSP commits to financial inclusion, account ownership down

The Bangko Sentral ng Pilipinas (BSP) reaffirmed its commitment to enhancing financial inclusion despite a slight decline in account ownership among Filipinos aged 15 and above, according to the World Bank's Global Findex 2025 report.

The report showed that only 50.2 percent of Filipinos owned accounts in banks or microfinance institutions in 2024, down from 51.4 percent in 2021, reflecting the easing of pandemic-related incentives to use transaction accounts.

Despite this decline, there were positive developments such as increased use of mobile money accounts and formal savings, particularly among women, the poorest 40%, and those out of the labor force.

The BSP emphasized the importance of improving financial health beyond mere account ownership to support the well-being of all Filipinos through inclusive financial services.

The central bank remains dedicated to partnering with various stakeholders to bring more Filipinos into the formal financial system and ensure their financial stability, targeting at least 70% of adult Filipinos by 2028.