The share of Filipino adults with formal financial accounts declined to 50 percent in 2025, down from 56 percent in 2021, even as overall access to financial services at the household level continued to expand, according to the Bangko Sentral ng Pilipinas (BSP).

Data from the BSP’s latest Consumer Finance and Inclusion Survey (CFIS) showed that household-level account access rose to about 85–86 percent, up sharply from previous years, indicating that more families have at least one member with access to formal financial services.

“Financial inclusion in the Philippines has achieved broad reach, particularly through digital channels and household-level access. However, the findings also make clear that access alone is insufficient,” the report said.

Shift in behavior

The BSP said the divergence suggests a shift in behavior, with many Filipinos relying on shared access within households rather than maintaining individual accounts.

The drop in individual account ownership was largely attributed to a decline in loan-linked accounts from microfinance non-government organizations and cooperatives. Accounts with microfinance groups fell to 5 percent from 9 percent, while cooperative accounts dropped to 2 percent from 5 percent, alongside reduced borrowing activity.

This trend outweighed steady gains in other segments, particularly e-money accounts, which held at 36 percent, and traditional bank accounts at 23 percent, reflecting the continued role of digital finance in expanding access.

At the same time, the survey showed improvements in financial inclusion indicators. Household access to e-money accounts rose to 76 percent, while bank account access increased to 49 percent, signaling broader reach of financial services even as ownership becomes more concentrated within families.

Persistent disparities

The data also highlighted persistent disparities, with higher-income, better-educated Filipinos more likely to own accounts, while women continued to outpace men in account ownership — a trend supported by microfinance programs and digital wallet adoption.

Meanwhile, borrowing activity declined significantly, with only 25 percent of adults reporting outstanding loans, down from 45 percent in 2021, reflecting a more cautious stance toward debt.

The BSP said the findings underscore evolving financial behavior in the country, where access is improving through digital channels and shared usage, even as individual ownership faces headwinds.

The central bank continues to push financial inclusion under its National Strategy for Financial Inclusion, focusing on digitalization, financial literacy, and consumer protection to broaden participation in the formal financial system.