The most popular type of depository institution for Filipinos were commercial banks at 77.3 percent. The remaining 22.7 percent were: rural/cooperative banks (8 percent), savings/thrift banks (5.3 percent), multipurpose/credit cooperatives (4.9 percent), microfinance banks (2.2 percent), savings and loan associations (1.3 percent), paluwagan (0.5 percent) and others (0.5 percent).
Not all deposit accounts were interest-bearing though. Only 6 in 10 households had interest-paying deposit accounts. This indicated that a significant number of deposit accounts had an average daily balance below the required amount to earn interest or had earned a negligible amount of interest.
Overall, the survey found that there is a pressing need for an inclusive financial system that reaches to those who are otherwise "unbanked." Second, the BSP must continue to educate Filipino households on the advantages of saving in banks and investing in financial instruments.
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