Erwin Tulfo pushes for more accessible financial services for the public

Senator Erwin Tulfo said Thursday that all Filipinos must be able to access and use financial services safely and easily, noting that there are still barriers that need to be addressed in using such services.

The senator noted that some users may need simpler interfaces, clearer instructions, and assistance in using financial services.

"For many Filipinos, the first barrier is still access. Opening an account, completing requirements, understanding digital processes, maintaining a minimum balance, not knowing which ATM to withdraw from without fees, or even not knowing where to seek help can discourage people from entering the formal financial system," Tulfo said in a statement.

"This is where digital banks, traditional banks, e-wallets, fintech companies, telecommunications providers and government regulators have an important role to play," he added. "We need an ecosystem where different financial services can work together and where consumers are not forced to navigate unnecessary barriers to simply access basic financial services."

Tulfo said that using financial services should not be complicated for market vendors, farmers, senior citizens, students, or small entrepreneurs.

"The measure of success should not only be how many accounts have been opened or how many digital transactions have been made. The bigger question is whether more Filipinos are able to save, receive payments, send money, borrow responsibly, insure themselves, and manage their finances because financial services have become genuinely accessible to them," he said.

Further, Tulfo reminded the Bangko Sentral ng Pilipinas to make everyone experience financial inclusion.

"The Bangko Sentral ng Pilipinas has already made financial inclusion a major policy objective, including through its efforts to expand access to basic deposit accounts, promote digital payments and encourage responsible innovation. The challenge now is to ensure that these policies translate into experiences that ordinary Filipinos can feel in their daily lives," he said.

GMA News Online reached out to BSP for a comment.

According to its Consumer Finance and Inclusion Survey (CFIS) report in April, the share of Filipino adults with formal financial accounts fell to 50% in 2025, but more households had access at 86%, suggesting that many families rely on shared financial access. —Vince Angelo Ferreras /AOL, GMA News