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According to the Financial Inclusion Survey in 2021, around ** percent of the adult population in the Philippines has an account with a financial provider. This was a significant increase from the share in 2019.

What’s driving the increase in formal account ownership in the Philippines? 

The recent increase in the share of Filipinos with a formal account with a financial provider was driven by e-money accounts. From just percent of the population in 2019, the share of e-money account holders in the Philippines overtook those with a bank account in 2021. GCash was the leading mobile wallet application in the Philippines based on monthly active users in 2022, followed by Maya. 

Attitude towards digital banks 

According to a survey in 2023, Filipinos still prefer their main bank account to be a traditional bank over a digital bank. However, among those who chose digital banks, they identified ease and convenience as the main reasons. In addition, ** percent of respondents said they chose digital banks because they were able to bank at any time of the day at their convenience.