Daven Tamayo

Financial inclusion rises among women, youth—BSP

A bank teller counts Philippine peso for a client selling US dollars in Manila on November 21, 2008. Philippine share prices closed 4.14 percent lower on Friday tracking falls on Wall Street overnight amid weak US economic data, the local currency traded at 50.076 to the dollar. The composite index was down 76.43 points at 1,765.90 points. The all-shares index fell 2.97 percent to 1,153.79 points. AFP PHOTO/ROMEO GACAD / AFP PHOTO / ROMEO GACAD

Article (news)

Arthur Fuentes

ABS-CBN News

MANILA – Financial inclusion in the Philippines has seen significant gains among women and young adults, even as more Filipinos shift toward regulated banking and digital services, a central bank report said Wednesday.The 2025 Consumer Finance and Inclusion Survey (CFIS), released by the Bangko Sentral ng Pilipinas (BSP), showed that women have overtaken men in bank account ownership. Female ownership rose to 25 percent in 2025, up from 20 percent in 2021, while male ownership for the same period was recorded at 22 percent.Young adults aged 15 to 19 also saw a sharp rise in financial access, with account ownership jumping to 34 percent from 27 percent in 2021.The central bank credited the growth to its ongoing national strategy to broaden financial services through 2028.&quot;These efforts promote digitalization, financial literacy, consumer protection, and trust in the formal financial system, helping improve the financial health of all Filipinos,&quot; the BSP said.<div> </div><div>SHIFT TO FORMAL CREDIT </div>The report highlighted a major structural change in how Filipinos manage credit. While the overall number of adults borrowing money dropped to 25 percent from 45 percent in 2021, the reliance on unregulated &quot;informal&quot; lenders has fallen.Currently, 16 percent of the adult population borrows from formal channels such as banks, while only 10 percent relies on informal sources—a reversal of the trend seen four years ago.Digital finance is also expanding rapidly. According to the data, 62 percent of households now use electronic devices for online transactions, up from 53 percent in 2024.Despite a slight dip in individual account ownership to 50 percent, the BSP noted that 85 percent of households now have at least one account, suggesting that many families rely on shared financial access. Financial literacy also improved, with 74 percent of Filipinos correctly answering key competency questions.

A survey by the Bangko Sentral ng Pilipinas showed that women have overtaken men in bank account ownership.

A survey by the Bangko Sentral ng Pilipinas showed that women have overtaken men in bank account ownership.