Filipino account ownership rises to 58 percent

More than half of Filipino adults now own a formal financial account, with account ownership among those aged 18 and above rising to 58 percent in the first quarter of 2026, according to a Social Weather Stations survey commissioned by the Bangko Sentral ng Pilipinas.

The BSP welcomed the latest SWS survey, which showed a rise from 48 percent in the SWS survey in the first quarter of 2025.

The Q1 2026 figure was also higher than the 51 percent account ownership rate recorded for the same age group in the 2025 BSP Consumer Finance and Inclusion Survey.

The 2025 CFIS recorded account ownership at 50 percent among adults aged 15 and above.

The BSP-commissioned SWS survey was conducted from March 24 to 31, 2026, and covered 1,500 individuals.

A formal financial account was defined as an e-money account, bank account, account with a microfinance nongovernment organization, account with a cooperative, or account with a nonstock savings and loan association.

The increase in account ownership was observed across all geographic areas, income groups, and education levels, according to the BSP.

About one in three respondents without an account said another household member owns one.

According to BSP Governor Eli M. Remolona, Jr., “The BSP will continue to broaden access to financial services. This will enable more Filipinos to save, manage their expenses, and improve their overall financial health.”

Among Filipino adults, 43 percent reported owning an e-money account.

Meanwhile, 21 percent said they have a bank account.

Among those without a financial account, the most common barriers cited were lack of money, unemployment, and limited knowledge of how to open an account.

The BSP said it continues to advance financial inclusion through financial education initiatives and the Paleng-QR Ph Plus program.

The Paleng-QR Ph Plus program supports account ownership through on-site account opening activities.

The SWS survey complements the BSP’s 2025 survey, which also showed gains in the financial literacy of Filipinos.

The latest SWS survey included rider questions from the BSP to gather public awareness and sentiment on economic and financial issues.

The BSP said the results will help refine its education and communication initiatives and track the effectiveness of key programs over time.