More than half of Filipinos have financial accounts but few hold bank accounts

Lack of money and unemployment were amongst the biggest barriers to opening a bank account.

More than half of Filipinos now own a formal financial account, according to a survey by the Philippines’ Social Weather Stations (SWS).

Account ownership amongst Filipino adults aged 18 and above rose to 58% in Q1 2026, higher than the 51% recorded for the same age group by an earlier poll by the Bangko Sentral ng Pilipinas (BSP).

In a statement, the BSP welcomed the results, which noted that account ownership increased was observed across all geographic areas, income groups, and education levels.

Amongst adults, 43% owned an e-money account, and 21% said they had a bank account.

For those without a bank account, at least 1 in 3 respondents said that another household member owns one.

The most common barriers cited to owning a bank account were lack of money, unemployment, and limited knowledge of how to open an account.