--- title: Measuring Financial Health in the Philippines description: Discover how financial health fosters inclusive finance. Our panel will highlight innovative indicators in the Philippines and their implications for Southeast Asia's financial ecosystems. image: https://39936595.hs-sites.com/hubfs/Imported_Blog_Media/Measuring%20financial%20health%20in%20the%20Philippines-1200x720-fs%20(1).png --- ![](https://39936595.hs-sites.com/hubfs/Imported_Blog_Media/Measuring%20financial%20health%20in%20the%20Philippines-1200x720-fs%20(1).png) # Measuring Financial Health in the Philippines [ GFTN ](https://39936595.hs-sites.com/sff-2024-session-recordings/author/gftn) Nov 14, 2024 12:00:00 AM Delivered at the Singapore FinTech Festival, a panel discussion highlighted the strides made by the Philippines in advancing financial health within its financial sector, shifting focus from inclusion to resilience and well-being. Key Highlights 1. Financial Health as a National Priority - **Central Bank of the Philippines (BSP):** - Initially focused on financial inclusion to address a 29% inclusion rate pre-pandemic, now at 56%. - Updated the National Strategy for Financial Inclusion to prioritise resilience, recognizing vulnerabilities such as lack of savings, insurance, and exposure to climate change risks. - Financial resilience is now central to the BSP's vision of fostering long-term financial health. 2. The Role of Digital Banking - **Maya Bank's Contributions:** - Addressing critical gaps: Two-thirds of Filipinos lack savings accounts; only 1 in 10 micro-SMEs have access to credit. - Achievements: - Acquired close to 5 million customers within two years. - Mobilised over $500 million in deposits and disbursed $1.5 billion in loans. - Key innovations: Goal-based savings products that doubled customer savings within six months. - Advocacy: Leveraged BSP's digital bank framework to expand access and improve financial health for 120 million Filipinos.   3. Measuring Financial Health - **BSP Financial Health Survey:** - Developed a financial health index with 10 questions covering day-to-day needs, rainy-day readiness, financial goals, and confidence. - Results: A baseline financial health score of 58/100 for Filipinos, comparable to Brazil (57). - **Key insights:** - Lower-income populations, rural communities, youth, and farmers scored below the national average. - Resilience was the most challenging dimension, with lower-income groups borrowing to meet daily needs, increasing the risk of over-indebtedness. - **Maya Bank's Measurement Efforts:** - Collaborated with BSP and other digital banks to adopt a financial health index, surveying 1,500 respondents. - **Findings:** - While access to digital financial services is high, 65% feel financially insecure. - One-third of respondents struggle with basic needs and planning for the future. - Actionable insights: Maya Bank aims to address these gaps by designing solutions that target pain points and improve financial well-being. 4. Scaling Financial Health Innovations - FinTech Alliances and Standards: - Global collaboration led by FinTech Alliance Philippines and Asia FinTech Alliance aims to standardise financial health metrics across markets. - Focus areas: - Expanding digital payments adoption beyond 50% of transactions. - Increasing financial service access to 70% of Filipino adults. - Promoting cross-market learnings to replicate success stories globally. - Vision for the Future   **Vision for the Future** - Collaboration and Impact: - The Philippines’ financial sector aims to leverage surveys and insights to develop targeted solutions for underserved segments. - Sharing learnings across markets and scaling financial health metrics will set a global standard for innovation. Conclusion The discussion underscored the critical need for financial health as a complement to financial inclusion, with measurement and collaboration being essential to addressing systemic challenges. With regulators and providers driving innovation, the Philippines is poised to become a model for global financial health transformation.   Watch Full Session     Speakers: - Angelo Madrid, President, Maya Bank - Lito Villanueva, Chairman, Fintech Alliance Philippines, Chief Innovation & Inclusion Officer and EVP, RCBC, Asia Fintech Alliance - Mynard Mojica, Director, Financial Inclusion Office, BSP   Moderator: - Sophie Sirtaine, Chief Executive Officer, Consultative Group to Assist the Poor (CGAP)   [Inclusion](https://39936595.hs-sites.com/sff-2024-session-recordings/tag/inclusion), [Singapore FinTech Festival](https://39936595.hs-sites.com/sff-2024-session-recordings/tag/singapore-fintech-festival), [Video](https://39936595.hs-sites.com/sff-2024-session-recordings/tag/video), [Macroeconomics and Geopolitics](https://39936595.hs-sites.com/sff-2024-session-recordings/tag/macroeconomics-and-geopolitics) ## Read On [![](https://39936595.hs-sites.com/hs-fs/hubfs/Imported_Blog_Media/AI%20and%20cloud%20Powering%20the%20economies%20of%20tomorrow-1200x720-fs.png?width=352&name=AI%20and%20cloud%20Powering%20the%20economies%20of%20tomorrow-1200x720-fs.png) ](https://39936595.hs-sites.com/sff-2024-session-recordings/sff-2024-videos/ai-and-cloud-powering-the-economies-of-tomorrow) ### [AI and Cloud: Powering the Economies of Tomorrow](https://39936595.hs-sites.com/sff-2024-session-recordings/sff-2024-videos/ai-and-cloud-powering-the-economies-of-tomorrow) {% video_player "embed_player" overrideable=False, type='hsvideo2', hide_playlist=True,... 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