Financial Inclusion and the Role of Financial Literacy in the Philippines

Financial inclusion is increasingly seen as a key enabler of various development objectives. While not explicitly one the UN Sustainable Development Goals (SDGs), financial recognized an important for them. The Philippine central bank—the Bangko Sentral ng Pilipinas (BSP)—has even identified “national agenda” that requires conscious effort by sectors to accelerate and enable its societal benefits. This paper studies relationship between literacy in Philippines using data gathered from 2019 Inclusion Survey (FIS). We apply ownership account use services indicators inclusion. Based on results, positive driver calculated one-standard-deviation increase scores increased likelihood holding at least 3.7 4.2 percentage points. On other hand, one-point improved availing service 4.9 6.0 drivers owning formal are age, gender, employment status, awareness BSP’s programs, income above 40,000 PHP, being main household decision-maker. aims promote agenda bridge gap raise levels country. With this study, authors second advocacy instruments attain sustainable equitable Philippines.