The Maybank Securities has projected a positive outlook on the Philippine banking sector after a jump in the country’s banked population with the number of banked Filipinos rising to 41.2 million, or 53 percent of adults, as of the end of September 2021.
The number is nearly double the pre-pandemic number of 20.9 million at the end of December 2019.
The Maybank Securities said in a report titled “the inevitable digital wave” that from January 2020 to September 2021, 20.3 million Filipinos were on boarded for the first time and 16.8 million became new e-wallet account holders,.
The rise came amid mobility restrictions during the pandemic with the numbers of Filipinos making digital payments having risen around 80 percent.
