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News and Events

How Much Money Does the Typical Filipino Keep in His Bank Account?

The Philippines still has a low savings rate

The average bank balance of most Filipinos is less than P5,000.The Bangko Sentral ng Pilipinas (BSP)'s latest report (2017) on the State of Financial Inclusion shows 62 percent of all deposit account holders in the country only keep P5,000 and below in ...

by Pauline Macaraeg for Esquiremag.ph  | February 10, 2019 10:00:00
News and Events

You'll Be Able to Download a Digital Version of Your National ID On Your Mobile Phone, Says PSA

The agency says that it will eventually replace the need for a physical card

Lisa Grace Bersales, national statistician and civil registrar general of the Philippine Statistics Authority, speaks at the FINTQ On Q, a roundtable discussion organized by FINTQnologies Corp., the fintech arm of telecommunications firm PLDTLast August saw the signing into law of Republic Act ...

by Lorenzo Kyle Subido  | November 15, 2018 11:00:00
News and Events

Only 3% of Filipino Adults Invest in Bonds, Funds and Stocks, Says BSP

Those without investments cite unemployment as the main reason

Attend any financial wellness seminar or read any article on growing wealth, and one of the first concepts promoted is the difference between saving and investing. While saving money allows it to be stored and accessed easily, investing money allows it to ...

by Lorenzo Kyle Subido  | August 02, 2018 08:00:00
News and Events

Freedom from Debt? Filipinos With Loans Plunge to 22.3% in 2017 from 47.1% in 2015

Almost half of borrowers needed the extra money for daily needs while almost a third used it for business

Perhaps it’s because of the improving economy, rising household incomes or fewer borrowing options in light of the government’s crackdown on informal lending schemes.Whatever the reason, the proportion of Filipino adults with outstanding loans more than halved from 2015 to 2017, according ...

by Lorenzo Kyle Subido  | July 16, 2018 06:00:00
News and Events

Mirroring Giant Telcos: Is a Duopoly Emerging in Digital Payments Too?

A BSP study uncovers the electronic money issuers leading the race for consumer awareness

Only 1.3 percent of the country’s adult population, which translates to around 900,000 Filipino adults, have an electronic money (e-money) account, according to the Bangko Sentral ng Pilipinas (BSP).In its 2017 Financial Inclusion Survey, the BSP defines e-money accounts as “a transactional ...

by Lorenzo Kyle Subido  | July 13, 2018 01:00:00
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