E-wallets boost financial account ownership

More Filipino adults are gaining access to formal financial services, with 58 percent now owning a bank, e-money, cooperative, or similar financial account, according to the latest survey commissioned by the Bangko Sentral ng Pilipinas.

The survey, conducted by Social Weather Stations from March 24 to 31, 2026 among 1,500 respondents, showed a sharp increase from the 48 percent recorded in the first quarter of 2025.

The latest figure also exceeded the 51 percent account ownership level recorded in the BSP’s 2025 Consumer Finance and Inclusion Survey.

A formal financial account includes bank accounts, e-money wallets, cooperative accounts, accounts with microfinance NGOs, and non-stock savings and loan associations.

The increase was seen across all geographic areas, income groups, and education levels. Among adults, 43 percent reported owning an e-money account, while 21 percent said they have a bank account.

In a news release dated May 22, BSP Governor Eli M. Remolona Jr. said: “The BSP will continue to broaden access to financial services. This will enable more Filipinos to save, manage their expenses, and improve their overall financial health.”

The BSP said wider account ownership helps Filipinos safely store money, receive wages and remittances, access credit, and better manage financial emergencies. It also strengthens the country’s financial system by mobilizing savings, improving digital payments, and supporting more inclusive economic growth.

Among those who still do not own a financial account, the most common barriers cited were lack of money, unemployment, and limited knowledge on how to open an account.

The central bank said it will continue promoting financial inclusion through education programs and initiatives such as Paleng-QR Ph Plus, which also supports on-site account opening and digital payments adoption.