Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Monday the number of basic deposit accounts in the first quarter increased 51 percent to 7 million from 4.6 million in the same period last year.
A basic deposit account is a low-cost, no-frills account that features an initial deposit requirement capped at P100 and simplified identification requirements. It has no maintaining balance and dormancy charges.
“This can be attributed to BSP’s call for banks to promote use of the basic deposit accounts to foster financial inclusion,” Diokno said in a statement.
Data from the BSP showed that 132 banks were offering basic deposit accounts, with total deposits amounting to P4.8 billion in the first three months. This was an increase from the 121 banks with total BDA deposits of P4.0 billion a year ago.
The BSP introduced the basic deposit account framework in 2018 to encourage more Filipinos to open bank accounts. “Account ownership enables Filipinos to conduct financial transactions in a safe, convenient, and affordable manner. It is also a gateway to financial products and services like savings, loans, investments, and insurance,” Diokno said.
