That is the emerging test for the Philippines after a decade of rapid progress in financial inclusion, Maya head of corporate affairs Toff Rada said in a statement.
“Access was the first phase of financial inclusion. The next phase is financial health,” Rada said at the ASEAN Tech Summit Manila 2026.
“The question is no longer simply whether Filipinos have a financial account, but whether that account is making their lives better and more secure.”
Beyond access
Formal account ownership in the Philippines has more than doubled from 22 percent in 2015 to around 50 percent in 2025.
But having an account does not necessarily translate into greater financial security. Many Filipinos still primarily use their accounts for transactions while remaining underserved by formal savings and credit products.
That creates a new challenge for banks, fintech companies and regulators: turning the infrastructure that brought millions into the financial system into tools that can help households build wealth and absorb financial shocks.
Rada said national payment rails, digital identity systems, improving credit information and the Bangko Sentral ng Pilipinas’ digital banking framework have created the foundation for this transition.
The more meaningful measures of progress, he said, should include whether consumers can accumulate savings, obtain affordable credit, finance businesses and cope with emergencies.
Data advantage
The growing use of digital payments could help close some of those gaps.
Everyday transactions generate information that can help financial institutions better understand consumers and small businesses that have little or no traditional credit history.
“Every payment is a data point,” Rada said.
Used responsibly and with appropriate safeguards, such information could help lenders assess borrowers who might otherwise remain invisible to the formal financial system.
Artificial intelligence is also increasingly being deployed across digital onboarding, personalization, credit assessment, fraud detection and customer protection.
For Maya, payment activity through its consumer app and Maya Business can serve as the entry point to other services, including savings and credit.
Built-in lessons
Financial education, meanwhile, may also have to evolve beyond seminars and standalone literacy campaigns.
Rada argued that financial products themselves should encourage customers to develop healthier habits through incentives, feedback and timely prompts.
Maya, for instance, offers savings-rate boosts and other rewards when customers complete certain activities.
Its Maya XP program uses missions, challenges and personalized prompts to encourage engagement, with users progressing through levels to unlock benefits.
“For financial institutions, financial literacy cannot sit outside the product,” Rada said. “It has to be built into the experience.”
Regional challenge
The issue extends beyond the Philippines.
As Southeast Asian economies rapidly digitize their financial systems, Rada said ASEAN should develop common ways of measuring financial health while pushing for more interoperable payment and data systems.
The shift would mark a broader change in how financial inclusion is judged: not simply by how many people enter the formal financial system, but by whether participation leaves them financially stronger. —-Ed: Corrie S. Narisma
