Filipinos becoming financially savvy
More Filipinos are becoming financially savvy when using digital banks, showing growing confidence in saving and making early financial decisions, according to a survey by the Digital Bank Association of the Philippines (DiBA PH).
The survey, conducted in October among customers of six Filipino digital banks, found that the Philippines’ financial health index rose to 62 this year from 56 in 2024, moving into the “good” range from “low.”
This index measures four areas: financial proficiency, behavior, security and freedom.
The share of users classified in the “bad” and “very low” categories fell to 17 percent from 33 percent.
Meanwhile, those in the “good” to “great” categories rose exponentially to 63 percent from 26 percent.
More Filipinos now report having emergency savings, with 73 percent saying they have money set aside. However, DiBA PH noted that most respondents said their savings would last only up to one month.
Even respondents with higher financial health scores reported anxiety about their financial future, the survey said.
DiBA PH noted rising confidence and optimism across income groups, but warned that Filipinos’ readiness for major financial commitments remained limited.
“What matters now is how we sustain this momentum—by turning insights into product design, regulation and shared accountability,” said DiBA PH and Maya Bank president Angelo Madrid. “Financial health must become a long-term commitment for both industry and policymakers.”
The survey covered customers of six Bangko Sentral ng Pilipinas-licensed digital banks: GoTyme Bank, Maya Bank, Overseas Filipino Bank, Tonik Bank, UnionDigital Bank and UNO Digital Bank.
Also, the study cited the improved money habits encouraged by the product designs of digital banks. These include goal-based savings, tiered interest rates, personalized prompts and financial literacy nudges.
“Digital banks have a unique opportunity to support healthier habits through design—small prompts, automated savings and practical tools that help people stay on track,” said DiBA PH vice president and GoTyme Bank CEO Nate Clarke.
At the Singapore Fintech Festival in November, DiBA PH unveiled three joint initiatives with FintechAlliance.ph aimed at expanding digital banking gains across the industry.
