Philippines lags behind peers in bank penetration, survey shows

Philippine Daily Inquirer – The Philippines is considered one of the laggards in the Asia-Pacific region in the area of financial services reach, ranking only 12th out of 15 countries in terms of the proportion of working-age population who have accounts with banks or other financial institutions.

Results of a regional survey, done recently by various institutions including the US Agency for International Development, showed that only 26.56 percent of Filipinos aged 15 years old and above have accounts with banks or financial entities.
This proportion is better than the nearly 20 percent for Vietnam and Indonesia, and the less …