By Bianca Cuaresma
DESPITE 10,456 bank branches nationwide and still increasing, the average Filipino will still have to travel for about half an hour and spend an average cost of P52 to access the nearest bank in his locality, the Bangko Sentral reported.
Just last week, the central bank formally announced the results of the National Baseline Survey on Financial Inclusion (NBSFI)—the maiden survey to measure the financial penetration of the system into the Filipino citizenry.
“The results tell us that there is really a need to scale up the provision of financial services in the country. The results tell us that there is a need to improve access to as many people as possible,” Bangko Sentral Gov. Amando M. Tetangco Jr. said.
One of the salient points in the nationwide survey was the overall access of Filipinos to banks, automated teller machines (ATMs) and other access points.
The survey results showed that going to a nearest bank is relatively more time-consuming and expensive than going to other access points—such as payment centers, money changers and remittance agents—as these alternative access points outnumber bank branches in the country.
In particular, the average length of time to reach the nearest bank in the Philippines, according to the survey, is 26 minutes, and a roundtrip would cost P52.
Meanwhile, the survey also showed that the average length of time to reach the nearest ATM in the Philippines is 22 minutes, and a two-way trip would cost P47.
This is a bit more expensive and more time-consuming, that if a financial consumer goes to an alternative financial access point—at 21 minutes and an average round-trip fare of P43.
The recent survey shows that, while banks and ATMs are within easy reach in highly urbanized areas, the lack of ample bank infrastructure in rural areas offset this, thus resulting in the numbers in the survey.
Moreover, the survey found out that only three out of 10 Filipino savers put their savings in the bank, while the other seven opt to put their money at home, thinking that it would be safer and more convenient.
As such, the central bank, along with 13 other national agencies, signed a memorandum of agreement at the Philippine International Convention Center at the formal launch of the National Strategy for Financial Inclusion (NSFI) last week.
Tetangco said the NSFI will be a public document that will serve as a road map for the country to promote inclusive growth, encourage shared and coordinated government efforts to avoid overlaps and bring the efforts to the masses more efficiently.
The launch of the road map to financial inclusion was witnessed and lauded by Her Majesty Queen Maxima of the Netherlands, who is also currently serving as the United Nations secretary-general’s special advocate for inclusive finance for development.
The Queen of the Netherlands, who was present at the event as the keynote speaker, said the launching and signing of the NSFI is “one step in the right direction” and will provide a “huge room for improvement” in the overall financial access in the country.
The road map, she added, will provide help to people who are recently out of poverty and prevent them from falling back into poverty again should a certain financial shock come such as drought, floods or death of a family member among others.
1 comment
Ang pinaka malaking problema ng ating mga kapwa Pilipino ay ang kawalan ng cash at pagkakakitaan. Thats the bottomline.