Enhancing Financial Capability and Inclusion in the Philippines: A Demand-side Assessment
The World Bank has implemented this financial capability survey in response to a request from the Bangko Sentral ng Pilipinas (BSP) and as part of a broader engagement on enhancing financial consumer protection and education in the Philippines. As the BSP’s financial inclusion initiatives are expected to usher in more Filipinos, including the previously marginalized sectors, to access a wide range of financial services from a variety of financial institutions, they need to acquire knowledge and develop skills to make better financial decisions.
The proposed survey constitutes a key diagnostic tool that aims to guide BSP on the models for delivering financial education and to set quantifiable and concrete targets. Moreover, it serves as a baseline against which the effectiveness of future financial capability enhancing programs can be assessed. So far, no financial capability surveys have been conducted in the Philippines and it is one of the very first such experiences in the East Asia and Pacific Region (EAPF). The key findings and recommendations presented in this report cover three main areas:
- Financial Inclusion;
- Financial Capability;
- Financial Consumer Protection.