Majority of Filipinos still have no bank accounts, says Bangko Sentral

Only one-fourth of all Filipinos own bank accounts that facilitate their participation in the financial system, while the rest cite the lack of funds or lack of need as their primary reasons for not having one, the Bangko Sentral ng Pilipinas said yesterday. In a statement, the central bank said the results of its latest Financial Inclusion Survey showed that about 15.8 million Filipino adults had funds deposited in banks and other financial institutions as of the end of 2017. Representing 22.6 percent of the country's total population, this marks a slight improvement over the 22 percent of Filipinos who had bank accounts in the survey's first edition in 2015. "Ownership of an a...

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