At least seven in 10 Filipinos distrust banks, despite growing openness to saving and investing through financial platforms, a recent survey found.
The survey revealed that 70% of respondents believe financial institutions prioritize their vested interests over their customers, with 72% noting that banks have no significant difference from one another.
Meanwhile, 64% of those surveyed said they feel uncomfortable using online banking applications, despite 91% expressing confidence in managing their finances well and 98% showing interest in investment opportunities.
The majority, or 87%, also see comprehensive insurance coverage as essential in their lives, highlighting a complex relationship between Filipinos and the financial system.
Individuals are participating in the financial system, but many remain unconvinced that the institutions behind it have earned their trust, according to the survey findings.
Most Filipinos, or 90%, hold accounts with more than one bank, reflecting their intent to diversify their exposures and manage financial risks rather than a test of trust.
The financial system is something to navigate carefully, not something to rely on unquestioningly, experts note.
The population of Filipino adults owning bank, e-wallet, and other types of transaction accounts fell to 50% in 2025 from 56% in 2021, according to recent data.
However, a recent survey showed that 58% of Filipino adults already have a formal financial account, highlighting a growing trend in financial inclusion.
Of the total, 43% own an e-money account, while 21% have a bank account, underscoring the need for simpler products and greater transparency in the financial industry.
Financial institutions should invest more in earning the trust of their existing customers, rather than focusing solely on attracting new clients, experts advise.
Gaining the trust of customers will help financial institutions gain a competitive advantage and create a more stable financial environment for all users.
“Many of the behaviors we traditionally associate with customer loyalty, such as maintaining multiple banking relationships, may actually reflect consumers managing their own risk rather than expressing confidence in any single institution,” an expert noted.
