'Zero barriers' urged in push for financial inclusion among Filipinos

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Philstar.com

August 13, 2026 | 11:08am

MANILA, Philippines — A lawmaker has called for the removal of unnecessary barriers to financial services, saying true digital financial inclusion should focus not only on eliminating transaction fees but also on making formal financial services accessible, understandable, and easy to use for all Filipinos.

Sen. Erwin Tulfo said financial inclusion should go beyond encouraging Filipinos to open bank accounts or use digital wallets and banking applications.

“It is about making sure that every Filipino — regardless of income, location, age or level of digital familiarity — can actually access and use financial services safely, easily and with confidence,” he said.

He noted that many Filipinos are still discouraged from entering the formal financial system because of requirements for opening accounts, unfamiliar digital processes, minimum maintaining balances, ATM withdrawal fees, and a lack of information on where to seek assistance.

“Not being on the same page also means that not everyone has the disposable income to set aside a significant portion of their day-to-day budget in order to first open an account, then keep that money fully deposited so as to avoid penalties,” Tulfo said.

He cited minimum maintaining balances, ATM withdrawal charges and dormancy fees as among the barriers that continue to keep some Filipinos on the fringes of the formal financial system.

According to Tulfo, the goal should be to make financial services “easy to enter, easy to understand and easy to use,” rather than measuring financial inclusion solely through transaction costs.

He said digital banks, traditional banks, e-wallet providers, fintech firms, telecommunications companies and government regulators all have a role in creating an ecosystem where financial services can work together and consumers are not burdened by unnecessary obstacles.

Tulfo also recognized the efforts of the Bangko Sentral ng Pilipinas to promote financial inclusion through basic deposit accounts, digital payments and responsible financial innovation.

However, he said these policies must translate into tangible benefits and easier experiences for ordinary Filipinos in their daily lives.

He stressed that financial and digital literacy should also be strengthened, particularly for first-time users who may need simpler interfaces, clearer instructions and additional assistance when using digital financial services.

Ultimately, the senator said financial inclusion should give Filipinos more choices and fewer obstacles, allowing market vendors, farmers, workers, senior citizens, students and small entrepreneurs to participate in the formal financial system without feeling that it is too complicated or costly.

“The measure of success should not only be how many accounts have been opened or how many digital transactions have been made,” he said, adding that the bigger question is whether more Filipinos can save, receive payments, send money, borrow responsibly, obtain insurance and manage their finances because financial services have become genuinely accessible.

“If we can create a financial ecosystem with zero unnecessary barriers — not necessarily zero fees — we can bring digital finance closer to the people who need it most.” (Contributed story)