Two thirds of Philippine households, an estimated 11 million, do not have bank accounts, according to Mr Amando Tetangco, the Governor of Bangko Sentral ng Pilipinas (BSP), the central bank of the Republic of the Philippines.
Nevertheless, the country’s rural banks reported a growing asset base of PHP 157.4 billion (USD 3.4 billion) in 2009, eight percent higher than during the previous year. “By any measure, these are respectable figures posted at a time when the global financial crisis triggered the most serious world recession since World War II. Through rural banks, we expect that more unserved and underserved Filipinos will gain access to responsible and dependable financial services,” said Mr Tetangco.
By Stefanie Rubin, Research Associate
About Bangko Sentral ng Pilipinas (BSP):
Established in July 1993, Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. BSP has three regional offices performing cash operations and cash administration and eighteen branch offices. BSP participates in advocacy programs concerning microfinance, financial education and consumer protection.
Additional Resources:
Source Article: GMANEWS.TV: 11 Million RP Households do not Have Bank Accounts: http://www.gmanews.tv/story/192376/11-million-rp-households-do-not-have-bank-accounts
MicroCapital Universe: Bangko Sentral ng Pilipinas (BSP):
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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