Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

Basic deposit accounts grew to 23.6 million at end-Sept.

BW FILE PHOTO

THE NUMBER of basic deposit accounts (BDAs) in the country jumped to 23.6 million as of end- September 2023, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.

Data from the central bank released via a social media post on Tuesday showed that the number of BDAs nearly tripled (175%) from the 8.6 million accounts recorded as of the third quarter of 2022.

The total value of BDA deposits also surged by 624% to P35.6 billion at end-September 2023 from the P4.9 billion posted a year earlier.

The BDA was introduced in 2018 and is meant to promote financial inclusion and address the needs of the unbanked and underserved Filipinos.

This type of account has a low opening amount of P100 or less, no maintaining balance requirement, no dormancy charges, a maximum balance of P50,000, and requires only simple identification documents.

These accounts can also earn interest of up to 4% per annum in select banks.

In 2022, the BSP directed lenders to limit BDAs to one per depositor.

As of end-September, there were a total of 156 banks offering BDAs.

The central bank wanted to bring at least 70% of Filipino adults into the formal financial system by end-2023. Officials earlier said they were confident the target was met amid the rising adoption of e-wallets and online payments.

At end-2022, the share of Filipinos with bank accounts reached 65% of the adult population. — L.M.J.C. Jocson

You May Also Like

Forex

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...

Forex

The introduction of aggressive climate objectives by global economies and growing prospects for reducing carbon emissions are driving the growth of the district heating...

Forex

In the dynamic automotive sector, consistent growth of the electric vehicle (EV) charging industry has become increasingly evident. Consumers and businesses alike are recognizing...

Forex

With a higher focus on sustainable living in modern architecture, the building automation systems (BAS) industry stands as a beacon of innovation. These systems...

Disclaimer: SecretsOfRichDads.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Secrets Of Richdads. All Rights Reserved.