Digital banks likely to boost number of banked Filipinos

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has expressed confidence that the operations of digital banks will boost deposit accounts in the country. This, as three of the six digital banks that have started operations since 2021 have already onboarded 120,000 deposit accounts. BSP Governor Benjamin Diokno said digital banks will significantly contribute to the growth and development of the digital financial ecosystem, catalysing the achievement of the financial inclusion and digital transformation goals of the government. The digital banks that have started account openings are the Overseas Filipino Bank (OFBank), a subsidiary of the state-owned Land Bank of the Philippines (Landbank), and Tonic Bank.