“[…] In its 2017 Financial Inclusion Survey (FIS), the central bank announced that only an estimated 15.8 million adult Filipinos, or 22.6 percent, have bank accounts, while an approximate 52.8 million, or 77.4 percent, remain unbanked. Ownership of a bank account that can be used to save and receive money, as well as pay bills, is a basic indicator of financial inclusion.

[…] For those who do not have bank accounts, 60 percent of them cited not having enough money as a reason, while 21 percent did not not cite any reason at all. Meanwhile, 18 percent of the respondents said they do not have documentary requirements to open an account.

Other reasons cited for not having a bank account are: high cost of opening a bank account (10 percent), lack of knowledge on how to open an account (9 percent), joblessness (8 percent) and lack of awareness (8 percent).”

Source: 77% of Filipinos remain unbanked — BSP