The number of unbanked local government units also dipped to 554 from 582.
The number of bank deposit accounts in the Philippines rose 6.8% to 57.1 million in 2017 from 53.5 million accounts in 2016, according to central bank data cited by ABS-CBN News.
The number of unbanked local government units also fell to 554 in 2017 from 582 offices in 2016.
The Bangko Sentral ng Pilipinas (BSP) cited the availability of “low-cost, no-frills deposit accounts” which can be opened “even without standard identification documents” as amongst such improvements to support account ownership and the acceptance of digital payments.
The Philippines has amongst the lowest bank account ownership rates in emerging Asia, according to the World Bank data. Only 22.6% of the 68 million Filipino adults were in possession of formal financial accounts or funds deposited in banks, cooperatives, and/or microfinance institutions in 2017, a central bank survey show. This translates to around 15.8 million Filipinos out of the overall 103.3 million.
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