NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, November 7, 2014

The Philippines provides the best access to financial services to people among 12 countries in Asia, reflecting the central bank’s efforts to boost inclusion and tackle poverty, an Economist Intelligence Unit study shows.

The Southeast Asian nation beat India and Pakistan in the EIU’s annual financial-inclusion scorecard and was third among 55 countries worldwide, after Peru and Colombia. The report cited Philippine companies’ role in serving the poor and a growing mobile-payment system led by banks and telecommunication utilities.

“The Philippine microfinance sector has enjoyed considerable support and the government’s focus on this sector has been a key tool in reducing poverty,” the EIU said. “The private sector plays a greater role in the provision of financial services, resulting in a wider range of products.”