February 20, 2020 – The Philippine Statistics Authority said it has granted the Bangko Sentral ng Pilipinas to conduct the 2019 Financial Inclusion Survey (FIS) on January 8, 2020 in partnership with The Nielsen Company Philippines, Inc.
The Financial Inclusion Survey measures the financial inclusion in the Philippines in terms of the following:
- Quality of Financial Products and Services
The survey is conducted every 2 years. The results of which will aid the BSP in creating and measuring existing frameworks, establish priorities, and monitor progress of its financial inclusion efforts.
The survey collects information such as ownership and use of:
- access points and experience on financial transactions
- such as use of mobile phone or internet
- perception on BSP’s financial inclusion initiatives
1,200 individuals will serve as a sample. They will be aged 15 years old and above. Results of the survey will be released in May 2020.
A lot has changed since the last Financial Inclusion Survey in 2017 but here some of its results:
- Only 22.6% of the adult population owns a formal financial account.
- The top use case of an account is saving for emergency and education.
- 60% of those who do not have an account said it is because they don’t have enough money.
Check out the 2017 Financial Inclusion Survey here.
Source: National Statistics Authority
This article is published on BitPinas: [Philippine Statistics Authority] Financial Inclusion Survey Clearance to Conduct Granted