77% of Filipinos still unbanked

The recently released 2017 Financial Inclusion Survey (FIS) reports that 77% of Filipinos still unbanked. That is still a whole lot of Filipinos who are into the banking system. Only 15.8 million adult Filipinos, or 22.6 percent, have bank accounts. 

Other findings are:

1. The breakdown of 22.6 percent of adults who do own bank accounts shows 11.5% of them are in the formal banking sector, 8.1%are in non-government microfinance organizations, 2.9% are in cooperatives, and 0.3% are in non-stock savings and loan associations.

2. The top reason given for having bank accounts is to save in case of an emergency (42%), followed by saving for an education (31%), for business (29%), for safekeeping (23%) and as a form of investment (12%)

3. Around 52.8 million, or 77.4 percent, remain unbanked, citing reasons like lack of funds to put into a bank account or lack of documentary requirements. Or maybe, Filipinos still find many banks intimidating.

Opening a bank account can be made a simple and less intimidating process. And even, make it paperless.

Only if technology works to bring more financial inclusiveness for unbanked Filipinos.