BSP broadens Filipino access to finance in unserved areas

the banking system in the Philippines has become more inclusive over the years, widening its reach into previously unserved areas to boost the number of deposit accounts and expanding banks’ loan portfolios, a new report released by the central bank on Tuesday said.

In its 2013 Report on the State of Financial Inclusion in the Philippines, the Bangko Sentral ng Pilipinas (BSP) said the Philippine financial system continues to expand its reach, but added that there is much more work to do to improve Filipinos’ access to finance.