Tech Giants of 2018

Here are the top 20 internet leaders of 2018 as published in www.visual capitalist.com last 6 July 2018.

Maybe as I would have expected, Apple leads with a value of US$915 billion, followed by Amazon and Alphabet. Not many know that Alphabet is the parent company of Google, after Google restructured in 2015. The top guns at Google assumed leadership roles with Larry Page as CEO and Sergey Brin as president.

 You can see a few Chinese companies like Alibaba, Bai and Xiomi in this list. But am happy to see that Netflix is on that list.

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.