Women, young Filipinos and the poor are getting the short-end of the stick when it comes to owning bank accounts in the Philippines, a World Bank report revealed.
WOMEN, young Filipinos and the poor are getting the short-end of the stick when it comes to owning bank accounts in the Philippines, a World Bank report revealed.
“The very big increase in the male-female gap in the Philippines and the large decrease in Pakistan seem hard to explain. Only five countries had a negative male-female differential in 2021, while the gaps for India, the Republic of Korea and Sri Lanka were zero,” Peter J. Morgan, a senior consulting economist and advisor to the dean at Asian Development Bank Institute , wrote in an Asiapathways weblog.
The report also stated that Myanmar, another member of the Association of Southeast Asian Nations country, where younger adults are 11 percentage points more likely than older ones to have an account. However, the World Bank said Mongolia and Thailand have already achieved near-universal account ownership with almost equal coverage of richer and poorer adults.
The report stated that a study in the Philippines showed that women who used commitment savings products that encouraged regular deposits into a personal bank account increased their decision-making power in the home.
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