8 hours ago
2
Keisha Ta-Asan - The Philippine Star
March 18, 2025 | 5:30pm
Household ownership of financial assets improved during the pandemic,” the BSP said.
Businessworld / File
MANILA, Philippines — More Filipino households now own financial assets, with ownership rates improving significantly during the COVID-19 pandemic, according to the Bangko Sentral ng Pilipinas (BSP).
Based on the latest Consumer Finance Survey of the central bank, 50.4 percent of households in the country held some form of financial asset in 2022, marking a substantial increase from 22.6 percent in 2018.
The growth in financial asset ownership was attributed to the government’s financial inclusion initiatives, the adoption of digital payment systems and the increased awareness of financial management among Filipinos.
“Household ownership of financial assets improved during the pandemic,” the BSP said.
“The COVID-19 pandemic also drove the increase in ownership of formal accounts and use of digital financial services worldwide, including in the Philippines,” it added.
Ownership rates of financial assets were highest in the National Capital Region (69.4 percent) while the lowest rates were observed in Mindanao (38.4 percent), reflecting the disparity in financial access between urban and rural areas.
Among financial assets, deposit accounts in banks and non-bank institutions remain the most common, with 35.3 percent of households holding one.
About 24.3 percent of households held an e-money account in 2022 as digital transactions became more widespread during the pandemic.
The BSP said the government’s digital cash transfers and financial aid programs contributed to the surge in e-money adoption.
The survey also highlighted that more households now hold insurance or pension plans (11.2 percent), while only a small percentage engage in financial investments (0.3 percent) such as stocks or mutual funds.
Despite the growth, financial exclusion remains a challenge. Based on the survey, 81.3 percent of households without any financial assets cited a lack of money as the main reason for not having an account.
Other reasons included the high cost of maintaining a balance (2.7 percent), a lack of documentary requirements (1.9 percent) and the perception that financial institutions were too far (5.4 percent).
