86M unbanked Filipinos ‘intolerable,’ Dominguez says
It’s 2017, yet most Pinoys still do not have access to formal bank and lending services.
Finance Secretary Carlos Dominguez III expressed dismay about the huge number of Filipinos who remain unbanked, with 86% still unable to access formal financial channels despite rapid economic growth.
“Over 86 percent of Filipinos remain unbanked to this day. That is an intolerable ratio of the population excluded from the financial mainstream. We aim to reduce that number dramatically over the next few years,” Dominguez said during the 20th anniversary of Maybank Philippines.
“Continuous technological innovation in banking practices will help bring us closer to financial inclusion.”
Dominguez assured that the Duterte administration will be working to democratize services down to the farthest towns and provinces to get more residents on board.