BPI targets 50 million Filipinos in financial inclusion push

The bank plans to expand its agency network to nearly 10,000 locations.

Bank of the Philippine Islands (BPI) seeks to expand financial inclusion by bringing 50 million Filipinos into the banking system.

“Only by ensuring people are financially included can we really achieve economic growth,” BPI president and CEO TG Limcaoco told the Asian Banking & Finance and Insurance Asia Summit - Philippines on 10 March.

To support this target, BPI is expanding its agency banking network, aiming to reach close to 10,000 partner locations that will allow customers to perform basic banking transactions without visiting traditional branches, he said.

The bank currently operates around 700 branches alongside 5,000 to 8,000 partner stores that provide access to banking services such as onboarding, deposits and withdrawals.

Financial inclusion has improved in recent years. Limcaoco cited data from the Bangko Sentral ng Pilipinas (BSP) showing that the share of Filipinos with formal financial accounts rose from 29% in 2019 to about 56% today.

“The BSP set a target years ago for 50% of all commercial transactions to be conducted digitally,” he said. “Today, that ratio stands at 57.4%.”

However, Limcaoco said financial inclusion should not be measured solely by the number of accounts opened.”It is about allowing people to participate actively and progressively in the financial system, whether it’s through payments, transfers, or investments.”

Technology plays a key role in expanding that participation. He said that the bank is using QR-enabled processes to simplify digital onboarding.

BPI is also using transaction data to expand access to credit, particularly for small businesses that may not have traditional credit histories. “It helps us understand customer behaviour and develop more credit insight.”

Limcaoco pointed out that maintaining trust in the system is equally significant. Customers must feel confident that their transactions and personal data are protected.

“Cybersecurity measures, consumer protection, and digital literacy are important,” he said.

BPI works with regulators and law enforcement agencies, including the Philippine National Police Anti-Cybercrime Group, to address financial crime.

The bank also convenes industry stakeholders through initiatives such as its Cyber Protect Conference, which focuses on emerging cybersecurity risks.