Philippine digital bank Maya has called for the country’s financial inclusion efforts to move beyond expanding account ownership and focus more on whether consumers are building savings, gaining access to responsible credit, and becoming more resilient to financial shocks.
Formal account ownership in the Philippines has more than doubled over the past decade, rising from 22% in 2015 to around 50% in 2025.
However, many Filipinos continue to use their accounts mainly for transactions and remain underserved by formal savings and credit products, according to Maya.
“Access was the first phase of financial inclusion. The next phase is financial health,” Maya Head of Corporate Affairs Toff Rada said at the ASEAN Tech Summit Manila. “The question is no longer simply whether Filipinos have a financial account, but whether that account is making their lives better and more secure.”
The comments highlight a broader challenge facing the Philippines as rapid adoption of digital payments and financial accounts has not necessarily translated into wider use of savings, lending and other formal financial services.
Rada said national payment rails, digital identity, improvements in credit information and the Bangko Sentral ng Pilipinas’ digital banking framework have provided foundations for financial inclusion, but these systems still need to be strengthened.
Digital payment data could also help financial institutions assess consumers and businesses that have limited or no traditional credit histories.
Everyday transactions, when used with appropriate safeguards, can provide signals about how customers manage their finances and potentially inform savings, lending and business-financing products.
“Every payment is a data point,” Rada said, adding that responsible use of such information could make more individuals and businesses visible to the formal financial system.
Maya said artificial intelligence is being used across areas including digital onboarding, personalization, credit assessment, fraud detection and customer protection.
The company also uses incentives and personalized engagement through products including Maya XP to encourage customers to save and engage with financial services.
Rada said financial education should increasingly be embedded within financial products rather than rely solely on seminars or standalone campaigns.
“For financial institutions, financial literacy cannot sit outside the product,” he said. “It has to be built into the experience through clear feedback, relevant incentives and timely nudges that help healthier financial habits become second nature.”
At the regional level, Rada called for ASEAN economies to develop common measures of financial health while pursuing greater interoperability between payment and data systems.