Basic deposit accounts accelerate in Q4 2021: BSP

MANILA - The number of basic bank deposit accounts (BDAs) increased to 7.9 million in the fourth quarter of 2021, which is 19 percent higher compared to the same period in 2020, the central bank said Monday.

As of the end of December, the total value of BDA deposits reached P5.1 billion, up 7.6 percent from the P4.7 billion the previous year, the Bangko Sentral ng Pilipinas said in a statement.

The BDA is a deposit product with a low account opening balance requirement of P100 or less, no maintaining balance, no dormancy charges and simple identification requirements, it said.

"The BDA was created to meet the needs of the unbanked and low-income sector and foster greater financial inclusion," the BSP said.

So far, 138 banks are offering basic deposit accounts, it added.

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