Financial account ownership at 50.2% for Filipino adults

According to the World Bank's Global Findex Database 2025 report released Wednesday, only 50.2% of Filipino adults had financial accounts by the end of 2024, a slight decline from 51.4% in 2021.

The report highlights that while 78% of Filipino adults owned mobile phones by end-2024, only 33.5% had formal financial accounts with banks or similar institutions, falling short of the East Asia and Pacific (EAP) region's average rate of 83.3%.

Digital payment usage in the Philippines decreased slightly to 40.3% from 43.5% in 2021, well below the EAP region average of 80.2%, despite cashless transactions surpassing the government’s target.

John Paolo Rivera, a senior research fellow at PIDS, noted that economic hardship and limited digital access in rural areas may have offset earlier progress in financial inclusion.

The World Bank emphasizes that dedicated financial inclusion efforts are still necessary to reach underserved populations and improve overall financial health.