THE pandemic truly accelerated the adoption of digital financial services. According to the 2021 Financial Inclusion Survey of the Bangko Sentral ng Pilipinas, 60 percent of those that performed financial transactions online, such as fund transfers and payments, jumped from 17 percent in 2019 to 60 percent in 2021. The report also showed that the number of Filipino adults with financial accounts increased from 20.9 million in 2019 to 42.9 million in 2021, evidencing the advancement of financial inclusion in the country.
But this is half of the battle being won. The Philippines' financial literacy standing remains dismal, with a 2022 World Bank report revealing that the Philippines had a 25-percent financial literacy rating, which is much lower than its neighbors Singapore (59 percent) and Malaysia (39 percent). Financial literacy involves a set of skills and knowledge that enable an individual to make informed decisions regarding his or her financial resources.
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