Banking revenue pools in the Philippines may triple by 2030, but 44 percent of the country’s bankable population—those aged 15 and older—is considered unbanked. Senior partner Guillaume de Gantès and coauthors note the country’s banking penetration rate is low compared with its peers and emerging-markets standards. Rural areas, particularly, are underserved, as those residents are less likely to have access to physical banks.
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A horizontal bar graph shows data from 8 countries and their percentages of banked and unbanked populations as a share of the total bankable population. This exhibit focuses on the Philippines and its comparably low percentage of banked population. The full data set of countries by banked population from lowest to highest is Yemen at 41.0%, Indonesia at 51%, Philippines at 56%, Peru at 57.5%, India at 77.3%, Brazil at 84.0%, Malaysia at 88.3%, and Thailand at 95.5%.
Footnote: Includes population aged 15+.
Source: Alliance for Financial Inclusion; Bangko Sentral ng Pilipinas; Bank of Thailand; BSP Financial Inclusion Survey; Economic Intelligence Unit; Global Findex Database 2021; Reserve Bank of India; World Bank; McKinsey analysis.
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To read the article, see “On the verge of a digital banking revolution in the Philippines,” May 3, 2023.