MANILA — Filipino adults saved more and borrowed less in 2017, according to a Bangko Sentral ng Pilipinas study which showed a "moderate improvement" in the number of Filipinos with formal accounts.

The percentage of adults with savings rose to 48 percent from 43 percent in 2015. Incidence of borrowing during the same period shrunk to 22 percent from 47 percent, according to the 2017 Financial Inclusion Survey.

The share of consumers borrowing from informal sources declined to 40 percent from 72 percent, the BSP said.

According to the FIS, 22.6 percent of the adult population had formal accounts, from 22 percent in 2015. It was only the second time for the BSP to hold the FIS.

"Ownership of an account that can be used to save money, receive salary, send or receive remittance, and pay bills is a basic indicator of financial inclusion," the BSP.

Among financial institutions, banks had the highest account penetration at 11.5 percent, followed by non-bank institutions such as microfinance non-government organizations 8.1 percent, cooperatives 2.9 percent, and non-stock savings and loan associations 0.3 percent.

Only 1.3 percent of adults have an electronic money account, the BSP said.

Six in 10 of the 52.8 million Filipino adults who do not have accounts said they did not have enough money, the BSP said.

Other reasons for not having an account include: perceived lack of need 21 percent, lack of documentary requirements 18 percent, high cost 10 percent, lack of knowledge in opening an account 9 percent, lack of work 8 percent, and lack of awareness 8 percent.
 

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