BSP Calls for Broader Financial Inclusion Beyond Bank Accounts

The Bangko Sentral ng Pilipinas (BSP) has emphasised that financial inclusion efforts must extend beyond mere account ownership. This follows a decline in account penetration to 50.2% in 2024 from 51.4% in 2021, according to the World Bank Global Findex report.

The dip is attributed to the easing of pandemic-driven incentives for opening accounts. However, BSP noted increased adoption of mobile money, improved formal savings, and stronger financial resilience. Progress has also been made in account access among women, low-income households, and the unemployed.

Persistent challenges remain, including low financial literacy, trust issues, and infrastructure gaps. BSP pledged to collaborate with partners to expand secure and inclusive financial services, with approximately 4.1 million Filipino adults still unbanked.