Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

World Bank: More than half of Filipinos have bank accounts

by
June 29, 2022
in Investing News
0
World Bank: More than half of Filipinos have bank accounts
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter

MORE Filipinos opened their own bank accounts at the end of last year, as many of them were forced to pay for services online amid a coronavirus pandemic.

“The digital revolution has catalyzed increases in the access and use of financial services across the world, transforming ways in which people make and receive payments, borrow, and save,” World Bank Group President David Malpass said in a statement on Wednesday.

Based on the multilateral bank’s Global Findex 2021 database, 51% of Filipinos now have bank accounts, up from 34% in 2017.

Globally, 76 % of adults had an account at a financial institution or through a mobile money provider in 2021, up from 68% in 2017 and 51% in 2011.

“The pandemic has also led to an increased use of digital payments,” according to the World Bank report. “In low and middle-income economies (excluding China), over 40% of adults who made merchant in-store or online payments using a card, phone, or the internet did so for the first time since the start of the pandemic.”

But there are still gaps in financial services for underserved sectors such as women, the poor and less educated, it said.

In the Philippines, even if account ownership had grown significantly in the past decade, 57% of unbanked adults found opening accounts too expensive.

About 41% of Filipino workers in the private sector got their salaries through a payroll account, according to the report. The rest got their wages in cash and through other methods.

“In Cambodia and the Philippines, about 20% of unbanked adults — or about 10% of all adults — received government transfer payments in cash,” according to the report. “More than 80% of the unbanked receiving such payments in these economies have a mobile phone.”

Meanwhile, three of four Filipinos who bought something online paid for these in cash.

Globally, 78% of men and 74% of women had bank accounts.

“The growth or decline of the gender gap adheres to different patterns, depending on the economy,” according to the report. “No single set of circumstances drives gender equity in relation to account growth overall.”

About two of three Filipino adults were very worried about medical expenses, while more than half were worried about old age.

“Not surprisingly, poor adults worry more than higher-income adults about having enough money to pay monthly bills,” it added.

The Global Findex database, which surveyed how people in 123 economies use financial services throughout 2021, is produced by the World Bank every three years in collaboration with Gallup, Inc.

It is a comprehensive data set on how adults save, borrow, make payments, and manage risk.

The interviews in the Philippines were conducted from Sept. 20 to Nov. 15, 2021, with one thousand interviews conducted through calls.

The 2021 edition was authored and led by Asli Demirgüç-Kunt, Leora Klapper, Dorothe Singer, and Saniya Ansar. — Keisha B. Ta-asan

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
Gov’t awards port projects in Palawan, Leyte and Batangas

Gov’t awards port projects in Palawan, Leyte and Batangas

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Monde Nissin signs up for EDC ‘green’ power

Monde Nissin signs up for EDC ‘green’ power

August 9, 2022
Power users in contiguous areas set to enjoy lower rates

Power users in contiguous areas set to enjoy lower rates

June 23, 2022
G20 chair Indonesia to push for peace with Ukraine, Russia visits

G20 chair Indonesia to push for peace with Ukraine, Russia visits

June 22, 2022
Rates of T-bills, bonds may move sideways on Fed bets, BSP meet

Rates of T-bills, bonds may move sideways on Fed bets, BSP meet

August 14, 2022
Challenge to retail prices index rejig ‘could trigger £40bn compensation payout

Challenge to retail prices index rejig ‘could trigger £40bn compensation payout

June 21, 2022
TELUS International primes tech talents with the most current in-demand and next-gen skills

TELUS International primes tech talents with the most current in-demand and next-gen skills

July 29, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.