number of banked adult Filipinos is steadily rising . The region ’ s most recent financial inclusion survey in Q1 of 2020 showed that from 2017 to 2019 , the number of Filipino adults with formal financial accounts increased 6 %— which translates to five million new customers .
‘ The banked population of the Philippines continues to grow in number ’, Lito says . ‘ The BSP ’ s digital acceleration initiatives and our efforts have paid off ’.
• Digital banking continues to grow : Total deposits grew by US $ 24.2 billion in a single year — from US $ 270.7 billion ( PHP 13.648 trillion ) to US $ 294.9 billion ( PHP 14.869 trillion ).
• More Filipino customers are saving money : In September of 2020 , deposits increased by 3.86 %.
Lito looks up . ‘ What we ’ ve learned across all segments of clients — from the mass affluent to the mass low-income market , the urban and the rural , the boomers to the millennials and the Gen Zs , is this : they are willing , even enthusiastic , to try new technologies - as long as we make it simple , easy , and accessible for them ’.
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