February 26, 2018, 11:30 am
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1 Philippine Peso = 0.0709 UAE Dirham
1 Philippine Peso = 2.0666 Albanian Lek
1 Philippine Peso = 0.03436 Neth Antilles Guilder
1 Philippine Peso = 0.38512 Argentine Peso
1 Philippine Peso = 0.0246 Australian Dollar
1 Philippine Peso = 0.03436 Aruba Florin
1 Philippine Peso = 0.03861 Barbados Dollar
1 Philippine Peso = 1.59981 Bangladesh Taka
1 Philippine Peso = 0.0307 Bulgarian Lev
1 Philippine Peso = 0.00727 Bahraini Dinar
1 Philippine Peso = 33.8027 Burundi Franc
1 Philippine Peso = 0.01931 Bermuda Dollar
1 Philippine Peso = 0.02544 Brunei Dollar
1 Philippine Peso = 0.13243 Bolivian Boliviano
1 Philippine Peso = 0.06249 Brazilian Real
1 Philippine Peso = 0.01931 Bahamian Dollar
1 Philippine Peso = 1.24035 Bhutan Ngultrum
1 Philippine Peso = 0.18341 Botswana Pula
1 Philippine Peso = 386.48649 Belarus Ruble
1 Philippine Peso = 0.03857 Belize Dollar
1 Philippine Peso = 0.02437 Canadian Dollar
1 Philippine Peso = 0.01807 Swiss Franc
1 Philippine Peso = 11.38996 Chilean Peso
1 Philippine Peso = 0.12225 Chinese Yuan
1 Philippine Peso = 54.88417 Colombian Peso
1 Philippine Peso = 10.92317 Costa Rica Colon
1 Philippine Peso = 0.01931 Cuban Peso
1 Philippine Peso = 1.73147 Cape Verde Escudo
1 Philippine Peso = 0.39788 Czech Koruna
1 Philippine Peso = 3.41371 Djibouti Franc
1 Philippine Peso = 0.11689 Danish Krone
1 Philippine Peso = 0.94363 Dominican Peso
1 Philippine Peso = 2.19764 Algerian Dinar
1 Philippine Peso = 0.24563 Estonian Kroon
1 Philippine Peso = 0.34054 Egyptian Pound
1 Philippine Peso = 0.5251 Ethiopian Birr
1 Philippine Peso = 0.0157 Euro
1 Philippine Peso = 0.03853 Fiji Dollar
1 Philippine Peso = 0.01381 Falkland Islands Pound
1 Philippine Peso = 0.01382 British Pound
1 Philippine Peso = 0.08607 Ghanaian Cedi
1 Philippine Peso = 0.90347 Gambian Dalasi
1 Philippine Peso = 173.55213 Guinea Franc
1 Philippine Peso = 0.14162 Guatemala Quetzal
1 Philippine Peso = 3.93494 Guyana Dollar
1 Philippine Peso = 0.15101 Hong Kong Dollar
1 Philippine Peso = 0.45448 Honduras Lempira
1 Philippine Peso = 0.11653 Croatian Kuna
1 Philippine Peso = 1.23243 Haiti Gourde
1 Philippine Peso = 4.90965 Hungarian Forint
1 Philippine Peso = 263.76448 Indonesian Rupiah
1 Philippine Peso = 0.06723 Israeli Shekel
1 Philippine Peso = 1.25268 Indian Rupee
1 Philippine Peso = 22.85714 Iraqi Dinar
1 Philippine Peso = 718.33978 Iran Rial
1 Philippine Peso = 1.93822 Iceland Krona
1 Philippine Peso = 2.4222 Jamaican Dollar
1 Philippine Peso = 0.01364 Jordanian Dinar
1 Philippine Peso = 2.0617 Japanese Yen
1 Philippine Peso = 1.96236 Kenyan Shilling
1 Philippine Peso = 1.311 Kyrgyzstan Som
1 Philippine Peso = 76.94981 Cambodia Riel
1 Philippine Peso = 7.70077 Comoros Franc
1 Philippine Peso = 17.37452 North Korean Won
1 Philippine Peso = 20.76255 Korean Won
1 Philippine Peso = 0.00578 Kuwaiti Dinar
1 Philippine Peso = 0.01583 Cayman Islands Dollar
1 Philippine Peso = 6.1749 Kazakhstan Tenge
1 Philippine Peso = 159.87839 Lao Kip
1 Philippine Peso = 29.06178 Lebanese Pound
1 Philippine Peso = 2.99421 Sri Lanka Rupee
1 Philippine Peso = 2.50386 Liberian Dollar
1 Philippine Peso = 0.22268 Lesotho Loti
1 Philippine Peso = 0.05886 Lithuanian Lita
1 Philippine Peso = 0.01198 Latvian Lat
1 Philippine Peso = 0.0257 Libyan Dinar
1 Philippine Peso = 0.1777 Moroccan Dirham
1 Philippine Peso = 0.32037 Moldovan Leu
1 Philippine Peso = 0.96332 Macedonian Denar
1 Philippine Peso = 25.79151 Myanmar Kyat
1 Philippine Peso = 46.1583 Mongolian Tugrik
1 Philippine Peso = 0.15547 Macau Pataca
1 Philippine Peso = 6.75676 Mauritania Ougulya
1 Philippine Peso = 0.63514 Mauritius Rupee
1 Philippine Peso = 0.29614 Maldives Rufiyaa
1 Philippine Peso = 13.77317 Malawi Kwacha
1 Philippine Peso = 0.35764 Mexican Peso
1 Philippine Peso = 0.07562 Malaysian Ringgit
1 Philippine Peso = 0.22261 Namibian Dollar
1 Philippine Peso = 6.9112 Nigerian Naira
1 Philippine Peso = 0.59556 Nicaragua Cordoba
1 Philippine Peso = 0.15133 Norwegian Krone
1 Philippine Peso = 1.99853 Nepalese Rupee
1 Philippine Peso = 0.02647 New Zealand Dollar
1 Philippine Peso = 0.00743 Omani Rial
1 Philippine Peso = 0.01931 Panama Balboa
1 Philippine Peso = 0.06266 Peruvian Nuevo Sol
1 Philippine Peso = 0.06071 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.13127 Pakistani Rupee
1 Philippine Peso = 0.06552 Polish Zloty
1 Philippine Peso = 107.39382 Paraguayan Guarani
1 Philippine Peso = 0.07027 Qatar Rial
1 Philippine Peso = 0.07302 Romanian New Leu
1 Philippine Peso = 1.08832 Russian Rouble
1 Philippine Peso = 16.23803 Rwanda Franc
1 Philippine Peso = 0.07239 Saudi Arabian Riyal
1 Philippine Peso = 0.14989 Solomon Islands Dollar
1 Philippine Peso = 0.25792 Seychelles Rupee
1 Philippine Peso = 0.34575 Sudanese Pound
1 Philippine Peso = 0.15762 Swedish Krona
1 Philippine Peso = 0.02545 Singapore Dollar
1 Philippine Peso = 0.01382 St Helena Pound
1 Philippine Peso = 0.42869 Slovak Koruna
1 Philippine Peso = 147.2973 Sierra Leone Leone
1 Philippine Peso = 10.84942 Somali Shilling
1 Philippine Peso = 384.74904 Sao Tome Dobra
1 Philippine Peso = 0.16892 El Salvador Colon
1 Philippine Peso = 9.9417 Syrian Pound
1 Philippine Peso = 0.22262 Swaziland Lilageni
1 Philippine Peso = 0.60579 Thai Baht
1 Philippine Peso = 0.04633 Tunisian Dinar
1 Philippine Peso = 0.04271 Tongan paʻanga
1 Philippine Peso = 0.07317 Turkish Lira
1 Philippine Peso = 0.12974 Trinidad Tobago Dollar
1 Philippine Peso = 0.56444 Taiwan Dollar
1 Philippine Peso = 43.35907 Tanzanian Shilling
1 Philippine Peso = 0.52008 Ukraine Hryvnia
1 Philippine Peso = 70.40541 Ugandan Shilling
1 Philippine Peso = 0.01931 United States Dollar
1 Philippine Peso = 0.54923 Uruguayan New Peso
1 Philippine Peso = 157.72201 Uzbekistan Sum
1 Philippine Peso = 558.39769 Venezuelan Bolivar
1 Philippine Peso = 438.97684 Vietnam Dong
1 Philippine Peso = 2.05502 Vanuatu Vatu
1 Philippine Peso = 0.04818 Samoa Tala
1 Philippine Peso = 10.28822 CFA Franc (BEAC)
1 Philippine Peso = 0.05212 East Caribbean Dollar
1 Philippine Peso = 10.28822 CFA Franc (BCEAO)
1 Philippine Peso = 1.87297 Pacific Franc
1 Philippine Peso = 4.82336 Yemen Riyal
1 Philippine Peso = 0.22278 South African Rand
1 Philippine Peso = 100.1834 Zambian Kwacha
1 Philippine Peso = 6.98649 Zimbabwe dollar

Financial inclusion improves

The Bangko Sentral ng PIlipinas, in its latest report on the state of financial inclusion, says that access to and usage of formal financial products and services continues to improve in the country.

The Report on the State of Financial Inclusion in the Philippines is part of the stock-taking process of the BSP to assess the levels and trends in financial inclusion in the country. 

According to the report, 11 regions improved in terms of banking presence while four regions showed no improvement excluding NCR where all local government units are already banked. 

Only one region, Caraga, experienced a drop in the number of banked LGUs. 

Eastern Visayas, CAR, and ARMM were the top three underbanked regions of the country.

Out of 1,634 local government units or cities and municipalities, the number of unbanked areas declined to 571 LGUs, or 34.9 percent of the total, in June 2017 from 609 LGUs in 2011. 

One city out of 145 cities was unbanked (Canlaon City, Negros Oriental). The income level of a municipality is a significant determinant of banking presence. 

As income class decreases, the percentage share of unbanked municipalities increases. 

Only 12 percent of 1st class municipalities were unbanked, while 100 percent of 6th class municipalities were unbanked. 

In terms of number of banks, there were 11,343 banking offices and 19,500 ATMs in the country as of June, 2017.

This means banking offices grew at an average annual rate of 4 percent in the past six years. 

ATMs increased at a faster rate of 12 percent during the same period.

Banks and ATMs remained concentrated in NCR, CALABARZON, and Central Luzon. 

CAR and ARMM were both at bottom two in terms of number of banks and ATMs. 

Other underserved regions were Eastern Visayas and Caraga in terms of bank count, and MIMAROPA in terms of ATM count

The number of banks increased in all regions except Caraga and ARMM where bank count declined. 

The number of ATMs grew in all regions, with some regions experiencing higher growth than the top three.

Out of 593 banks (head offices) in June 2017, 43 banks tapped micro-banking offices to set up presence in areas where it may not yet be feasible to establish a regular branch. 

There were 747 MBOs operating in 455 local government units or LGUs, of which 89 LGUs were being served by MBOs alone.

From 2011 to 2016, MBOs increased at an average annual rate of 23 percent which is faster than the growth of other types of banking offices and ATMs. 

MBOs were also the main reason for banking presence in previously unbanked LGUs. 

At the regional level, MBOs were mostly found in CALABARZON, Bicol, Western Visayas, and MIMAROPA. 

There are still untapped opportunities in terms of expanding financial access through MBOs since ARMM has no MBO while half of all regions have less than 20 MBOs.

In addition to banks, there were over 61,000 non-bank financial service providers (FSPs). 

These are comprised of non-stock savings and loan associations, credit cooperatives, microfinance non-government organizations, pawnshops, foreign exchange dealers/money changers/remittance agents, e-money agents, and other non-bank financial institutions.

Growth was fastest among mobile money agents which are retail outlets where people can convert cash to electronic money and vice versa. Pawnshops, cooperatives, and microfinance NGOs had wider presence than banks and were the most common FSPs in unbanked areas.

Only 10 percent of LGUs remained unserved if non-bank FSPs were taken into account.

Despite their slow growth in recent years, pawnshops were the most accessible with presence in 73 percent of 1,634 LGUs. Pawnshops, cooperatives, and microfinance NGOs had wider reach than banks. Pawnshops were also the most common access points in unbanked areas, followed by e-money agents.

In terms of usage, there were 44.4 million depositors and 55.3 million accounts with outstanding balance of P11 trillion as of June 2017. 

From 2011 to 2016, the number of depositors and deposit accounts increased at an average annual rate of 6 percent and 4 percent, respectively. 

The total amount of deposits grew at an average rate of 15 percent during the same period. 

NCR held more than 40 percent of the total number of deposit accounts, followed by Calabarzon and Central Luzon although the percentage shares of these two regions were already way lower than NCR. The bottom three regions were Eastern Visayas, Caraga, and ARMM. It is encouraging that growth was highest in regions outside the top three such as Davao, SOCCSKSARGEN, and Zamboanga Peninsula. 

In terms of amount, deposits were heavily concentrated in NCR which accounted for more than two-thirds of the total. Caraga and ARMM were again at the bottom. 

Mimaropa was also in the bottom three but it was one of the regions with the highest year-on-year growth rate.

Deposit accounts amounting to P5,000 and below made up nearly two-thirds of all deposit accounts in banks. 

However, growth was lowest among deposits in this bucket both in terms of count and amount. 

While only 4 percent of the number of accounts were above the maximum deposit insurance coverage of P500,000, they held 88 percent of total deposits in terms of amount. 

The increase in the total value of bank deposits was driven by accounts in the upper buckets.

Nearly half or 48 percent of the total value of deposits came from individuals. The remaining half were deposits of government institutions, banks, and private corporations. 

Deposits from individuals increased by 15 percent to P5.1 trillion in 2016 from P4.4 trillion in 2015. 

Individual deposits had the largest share in rural and cooperative banks at 85 percent and lowest share in universal and commercial banks at 46 percent, reflecting the clientele that each bank type serves.

Despite improvements in account ownership, the number of deposit accounts per 10,000 adults in the Philippines was still lower than most of our Asean peers except Cambodia, Laos, and Myanmar.

Deposits in non-banks, meanwhile, amounted to P38.6 billion.

From 2011 to 2016, the amount of deposits in non-stock savings and loan associations increased at an average annual rate of 14 percent, comparable with that of bank deposits. 

Cooperatives had 6.4 million member depositors with aggregate savings and time deposit amounting to P73.7 billion pesos.

Based on estimates, almost 98 percent of formal savings were held by banks, followed by cooperatives and non-stock savings and loan associations.

Building on these modest gains, the BSP has issued new policies which promise greater financial inclusion. 

One of them is the recently approved regulation allowing banks to put up “branch-lite” units to further expand the physical reach of banking services especially to unbanked and underserved LGUs. 

The BSP is also finalizing the policy framework that will encourage banks to offer a “basic deposit account” that will address the usual barriers in account opening such as high opening amount and maintaining balance, dormancy charges, and lack of identity documents.

There are other ongoing initiatives with potential to expand financial inclusion on a larger scale by harnessing the power of digital innovations. 

These include the National Retail Payment System (NRPS) project which aims to lessen the dependency on cash in carrying out financial transactions, and the current work with other government agencies and legislators to develop a national biometric-based ID system that can facilitate easier onboarding of banking clients. 

These are on top of the policies that the BSP issued in 2017 such as the regulations on cash agents, virtual currency exchanges, and technology-enabled Know Your Customer (KYC) rules to support digital financial inclusion.

To provide a more holistic picture of financial inclusion in the country, the BSP is conducting the second run of the Financial Inclusion Survey. 

This is a nationally representative survey of Filipino adults dedicated to collect financial inclusion data from the perspective of actual and potential users of financial products and services. 

BSP said survey results will be released in the First Quarter of 2018.
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