More than half of Filipinos in the 15+ age group now own a financial account, and although online transactions have eased slightly, more than half of the group managed to save money last year, a newly released World Bank report said.
The bank’s latest “Global Findex 2025” report, which tracks how people around the world access and use financial services, showed that as of 2024, 50.2 percent of Filipinos in the 15+ age group reported owning a bank account. That shows a slight dip from 51.4 percent in 2021, it said.
About 33.5 percent said they held an account in a bank or similar financial institution, while 28.8 percent had a mobile money account. Roughly 32.7 percent reported owning a digitally enabled account.
The Global Findex 2025 draws from nationally representative surveys of 148,000 individuals across 141 economies and provides comparative data on account ownership, savings, borrowing, digital payments, and financial risk management.
It also includes updated metrics on mobile phone and internet use, as well as digital safety and gender-related access gaps.
In the Philippines, the data reveal that: 57.1 percent of women aged 15 and above said they owned an account; among people from the poorest 40 percent of households, 34.4 percent reported having accounts; among those outside the labor force, 41.3 percent had accounts; in rural areas, 46.5 percent said they owned a bank account.
Digital payments down slightly
Despite wider access to financial services, fewer Filipinos reported using digital tools to transact. Only 40.3 percent said they made or received digital payments in the past year — down from 43.5 percent in 2021.
The World Bank did not offer a reason for the decline.
Still, 53.6 percent of those aged 15 and up said they saved money in the past year, either formally or informally.
Among them, 23.9 percent saved using a financial account — up from 20.8 percent in 2021.
Some 6 percent saved informally, through savings clubs or with someone outside their family.
Mobile phones and financial inclusion
The World Bank attributed much of the global growth in formal savings to widespread mobile phone adoption. In developing economies, 10 percent of individuals now save using a mobile money account — double the share in 2021.
Across low- and middle-income countries, 40 percent saved through a financial account in 2024 — a 16-point increase and the fastest rise in over a decade.
“Higher personal savings — through banks or other formal institutions — fuel national financial systems, making more funds available for investment, innovation, and economic growth,” the report said.
Globally, 80 percent of people now own a financial account, up from just 50 percent in 2011. However, 1.3 billion remain unbanked.
Mobile phones could help close that gap: 900 million adults without financial accounts already own a mobile phone, including 530 million with smartphones.
Gender gap narrows
Digital financial services are helping close the global gender gap in account ownership. Worldwide, 77 percent of women now have accounts, compared with 81 percent of men. In low- and middle-income economies, women’s account ownership nearly doubled — from 37 percent in 2011 to 73 percent in 2024.
For the first time, the Global Findex report also measured personal mobile phone ownership and internet usage. Globally, 86 percent of people own a mobile phone, including 68 percent who have smartphones.
But the rise of mobile usage also brings new vulnerabilities. “Of the 4 billion adults in low- and middle-income countries who own a mobile phone, only about half use a password to protect it,” the report warned.
Digital payments gain ground
Digital merchant payments continue to grow. In 2024, 42 percent of people in developing countries made in-store or online digital payments to merchants — up from 35 percent in 2021.
Governments are increasingly using direct digital transfers to distribute benefits. “Three-quarters of those who receive government payments — and half of wage earners — now receive their money into an account,” the World Bank said. “This reduces theft and ensures money reaches the intended recipient.”
The report added that further investment in instant transfer systems — such as India’s UPI or Brazil’s PIX—alongside stronger consumer protections and digital security measures could help broaden financial inclusion worldwide.
