May 26, 2018, 7:43 pm
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1 Philippine Peso = 0.06987 UAE Dirham
1 Philippine Peso = 2.04394 Albanian Lek
1 Philippine Peso = 0.03405 Neth Antilles Guilder
1 Philippine Peso = 0.46707 Argentine Peso
1 Philippine Peso = 0.02507 Australian Dollar
1 Philippine Peso = 0.03386 Aruba Florin
1 Philippine Peso = 0.03804 Barbados Dollar
1 Philippine Peso = 1.58684 Bangladesh Taka
1 Philippine Peso = 0.03178 Bulgarian Lev
1 Philippine Peso = 0.00718 Bahraini Dinar
1 Philippine Peso = 33.30759 Burundi Franc
1 Philippine Peso = 0.01902 Bermuda Dollar
1 Philippine Peso = 0.02521 Brunei Dollar
1 Philippine Peso = 0.13049 Bolivian Boliviano
1 Philippine Peso = 0.06941 Brazilian Real
1 Philippine Peso = 0.01902 Bahamian Dollar
1 Philippine Peso = 1.2997 Bhutan Ngultrum
1 Philippine Peso = 0.18862 Botswana Pula
1 Philippine Peso = 380.82557 Belarus Ruble
1 Philippine Peso = 0.038 Belize Dollar
1 Philippine Peso = 0.02456 Canadian Dollar
1 Philippine Peso = 0.01888 Swiss Franc
1 Philippine Peso = 11.92087 Chilean Peso
1 Philippine Peso = 0.1215 Chinese Yuan
1 Philippine Peso = 54.23245 Colombian Peso
1 Philippine Peso = 10.69241 Costa Rica Colon
1 Philippine Peso = 0.01902 Cuban Peso
1 Philippine Peso = 1.79018 Cape Verde Escudo
1 Philippine Peso = 0.41871 Czech Koruna
1 Philippine Peso = 3.37645 Djibouti Franc
1 Philippine Peso = 0.12092 Danish Krone
1 Philippine Peso = 0.9416 Dominican Peso
1 Philippine Peso = 2.20987 Algerian Dinar
1 Philippine Peso = 0.25394 Estonian Kroon
1 Philippine Peso = 0.33993 Egyptian Pound
1 Philippine Peso = 0.51779 Ethiopian Birr
1 Philippine Peso = 0.01623 Euro
1 Philippine Peso = 0.03907 Fiji Dollar
1 Philippine Peso = 0.01422 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08823 Ghanaian Cedi
1 Philippine Peso = 0.89024 Gambian Dalasi
1 Philippine Peso = 171.23835 Guinea Franc
1 Philippine Peso = 0.13955 Guatemala Quetzal
1 Philippine Peso = 3.93875 Guyana Dollar
1 Philippine Peso = 0.14924 Hong Kong Dollar
1 Philippine Peso = 0.45305 Honduras Lempira
1 Philippine Peso = 0.11993 Croatian Kuna
1 Philippine Peso = 1.23264 Haiti Gourde
1 Philippine Peso = 5.18261 Hungarian Forint
1 Philippine Peso = 268.49914 Indonesian Rupiah
1 Philippine Peso = 0.06761 Israeli Shekel
1 Philippine Peso = 1.28921 Indian Rupee
1 Philippine Peso = 22.52235 Iraqi Dinar
1 Philippine Peso = 800.64676 Iran Rial
1 Philippine Peso = 2.00476 Iceland Krona
1 Philippine Peso = 2.38368 Jamaican Dollar
1 Philippine Peso = 0.01348 Jordanian Dinar
1 Philippine Peso = 2.08195 Japanese Yen
1 Philippine Peso = 1.91839 Kenyan Shilling
1 Philippine Peso = 1.2975 Kyrgyzstan Som
1 Philippine Peso = 77.23036 Cambodia Riel
1 Philippine Peso = 7.96595 Comoros Franc
1 Philippine Peso = 17.12003 North Korean Won
1 Philippine Peso = 20.46376 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.0156 Cayman Islands Dollar
1 Philippine Peso = 6.24805 Kazakhstan Tenge
1 Philippine Peso = 158.41735 Lao Kip
1 Philippine Peso = 28.6285 Lebanese Pound
1 Philippine Peso = 3.00552 Sri Lanka Rupee
1 Philippine Peso = 2.59102 Liberian Dollar
1 Philippine Peso = 0.23569 Lesotho Loti
1 Philippine Peso = 0.05799 Lithuanian Lita
1 Philippine Peso = 0.0118 Latvian Lat
1 Philippine Peso = 0.02586 Libyan Dinar
1 Philippine Peso = 0.18008 Moroccan Dirham
1 Philippine Peso = 0.31929 Moldovan Leu
1 Philippine Peso = 0.99391 Macedonian Denar
1 Philippine Peso = 25.77516 Myanmar Kyat
1 Philippine Peso = 45.76412 Mongolian Tugrik
1 Philippine Peso = 0.15373 Macau Pataca
1 Philippine Peso = 6.73388 Mauritania Ougulya
1 Philippine Peso = 0.65627 Mauritius Rupee
1 Philippine Peso = 0.29618 Maldives Rufiyaa
1 Philippine Peso = 13.63553 Malawi Kwacha
1 Philippine Peso = 0.37196 Mexican Peso
1 Philippine Peso = 0.07566 Malaysian Ringgit
1 Philippine Peso = 0.23683 Namibian Dollar
1 Philippine Peso = 6.82899 Nigerian Naira
1 Philippine Peso = 0.59717 Nicaragua Cordoba
1 Philippine Peso = 0.15404 Norwegian Krone
1 Philippine Peso = 2.06962 Nepalese Rupee
1 Philippine Peso = 0.02745 New Zealand Dollar
1 Philippine Peso = 0.00732 Omani Rial
1 Philippine Peso = 0.01902 Panama Balboa
1 Philippine Peso = 0.0621 Peruvian Nuevo Sol
1 Philippine Peso = 0.06201 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.19897 Pakistani Rupee
1 Philippine Peso = 0.06975 Polish Zloty
1 Philippine Peso = 108.10348 Paraguayan Guarani
1 Philippine Peso = 0.06924 Qatar Rial
1 Philippine Peso = 0.0751 Romanian New Leu
1 Philippine Peso = 1.17631 Russian Rouble
1 Philippine Peso = 16.13468 Rwanda Franc
1 Philippine Peso = 0.07134 Saudi Arabian Riyal
1 Philippine Peso = 0.15092 Solomon Islands Dollar
1 Philippine Peso = 0.25547 Seychelles Rupee
1 Philippine Peso = 0.34155 Sudanese Pound
1 Philippine Peso = 0.16566 Swedish Krona
1 Philippine Peso = 0.02546 Singapore Dollar
1 Philippine Peso = 0.01422 St Helena Pound
1 Philippine Peso = 0.42241 Slovak Koruna
1 Philippine Peso = 149.32471 Sierra Leone Leone
1 Philippine Peso = 10.69051 Somali Shilling
1 Philippine Peso = 397.78391 Sao Tome Dobra
1 Philippine Peso = 0.16644 El Salvador Colon
1 Philippine Peso = 9.79608 Syrian Pound
1 Philippine Peso = 0.23678 Swaziland Lilageni
1 Philippine Peso = 0.60662 Thai Baht
1 Philippine Peso = 0.0483 Tunisian Dinar
1 Philippine Peso = 0.04363 Tongan paʻanga
1 Philippine Peso = 0.08961 Turkish Lira
1 Philippine Peso = 0.1286 Trinidad Tobago Dollar
1 Philippine Peso = 0.56886 Taiwan Dollar
1 Philippine Peso = 43.27563 Tanzanian Shilling
1 Philippine Peso = 0.49705 Ukraine Hryvnia
1 Philippine Peso = 71.0291 Ugandan Shilling
1 Philippine Peso = 0.01902 United States Dollar
1 Philippine Peso = 0.5933 Uruguayan New Peso
1 Philippine Peso = 151.83565 Uzbekistan Sum
1 Philippine Peso = 1494.25528 Venezuelan Bolivar
1 Philippine Peso = 433.30797 Vietnam Dong
1 Philippine Peso = 2.03595 Vanuatu Vatu
1 Philippine Peso = 0.04914 Samoa Tala
1 Philippine Peso = 10.63667 CFA Franc (BEAC)
1 Philippine Peso = 0.05136 East Caribbean Dollar
1 Philippine Peso = 10.63667 CFA Franc (BCEAO)
1 Philippine Peso = 1.926 Pacific Franc
1 Philippine Peso = 4.75366 Yemen Riyal
1 Philippine Peso = 0.23681 South African Rand
1 Philippine Peso = 98.716 Zambian Kwacha
1 Philippine Peso = 6.88415 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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