As financial inclusion continues to improve in the Philippines, Ayala-led Bank of the Philippine Islands (BPI) said the next phase of progress must go beyond more Filipinos opening bank accounts and focus instead on helping Filipinos participate more actively in the financial system through everyday use of financial services.
Addressing participants at the Asian Banking and Finance and Insurance Asia Summit, BPI President and CEO Jose Teodoro “TG” Limcaoco noted that more Filipinos are gaining access to the country’s formal financial system, including banks, digital banks, e-wallets, and other regulated financial institutions.
Data from the Bangko Sentral ng Pilipinas (BSP) show that 56% of Filipino adults owned a financial account in 2021, nearly doubling from 29% in 2019, while digital payments accounted for 57.4% of retail transactions by 2024.
These gains reflect the growing role of digital finance in expanding access.
However, Limcaoco emphasized that while access has improved, meaningful participation in financial services remains uneven across communities.
“Financial inclusion in the Philippines has made significant progress in recent years. These developments reflect the growing adoption of digital financial services across the country,” Limcaoco said.
“For many Filipinos, the challenge is not just opening an account, but being able to use financial services conveniently in their everyday lives,” he added.
According to Limcaoco, financial inclusion should no longer be viewed solely through the lens of account ownership.
“Financial inclusion is often measured by the number of accounts opened. But inclusion goes beyond account ownership,” he said. “It is about enabling people to participate actively in the financial system, whether through payments, transfers, or other financial services. As financial services continue to evolve, the role of banks must also evolve to support this kind of everyday participation.”
To help scale meaningful financial access, BPI emphasizes three key elements working together: technology, trust, and teamwork.
Technology helps bring financial services closer to underserved communities while making onboarding easier for first-time users.
Through BPI’s May BPI Dito agency banking initiative, financial services are delivered through over 6,000 partner stores nationwide, including retail stores, pawnshops, and drugstores, allowing customers in areas with limited access to traditional branches to apply for BPI products in stores within their community conveniently. Of these partner stores, deposit and withdrawal transactions to and from their BPI account are available in over 1,000 stores to date.
BPI continues to expand access to financial services through digital platforms such as VYBE by BPI, the Bank’s e-wallet and rewards app that allows customers to conveniently pay and transfer funds through their mobile devices. To date, VYBE has reached over 2.6 million users, enabling seamless payments through QR Ph and InstaPay QR codes, access to more than 500 biller partners, and over 300 mobile load options. The platform is further supported by over 8,000 cash-in touchpoints nationwide via Pay&Go and ECPay.
As digital participation grows, transaction data can also help financial institutions better understand customer behavior and generate insights that may broaden access for individuals who may not yet have traditional credit histories.
But Limcaoco stressed that innovation alone is not enough.
“As financial services become increasingly digital, customers must feel confident that their data and transactions are protected,” he said. “Technology is a shared responsibility. Banks, regulators, partners, and customers all play a role in keeping the digital financial system secure.”
The rapid adoption of digital finance has also heightened exposure to cyber risks. Data from the BSP show that cyber losses among financial institutions reached P5.82 billion in 2024. Separate reports also indicate that 74% of Filipinos have been targeted by fraud attempts, highlighting the need for stronger cybersecurity awareness and safeguards across the financial ecosystem.
To help strengthen trust in digital finance, BPI continues to advance cybersecurity awareness through initiatives such as the CyberProtect Conference, which brings together industry leaders to discuss emerging cybersecurity risks. The Bank also works closely with partners such as the Philippine National Police Anti-Cybercrime Group to support efforts against financial cybercrime.
Beyond technology and trust, BPI said ecosystem collaboration remains essential in bringing financial services closer to communities.
Among the initiatives it highlighted is PalengQR-Ph, implemented in partnership with the BSP and local government units, which supports the adoption of digital payments among market vendors and small businesses by making digital transactions part of everyday commerce.
BPI also underscored the importance of financial education in ensuring that greater access leads to stronger financial capability. Through BPI Foundation (BPIF), the Bank continues to expand financial literacy initiatives that equip Filipinos with knowledge and skills to better manage their finances. To date, these initiatives have reached 3.3 million Filipinos in local communities nationwide. Recently, the Bank also partnered with Mapua Malayan Colleges Laguna, as well as the local government units of Victorias City and the Municipality of Manapla in Negros Occidental, to conduct financial literacy