The average person in the Philippines spends more time on the Internet than any other country in the world. Filipinos are online over 11 hours each day, compared to a global average of just six hours. Indeed, with a total population of more than 100 million, 71% of Filipinos are active Internet users, creating the perfect environment to develop the country’s digital economy through Financial Technology (also known as FinTech).
Despite being the most active online, more than 50 million Filipinos — over half the population — do not use any form of online banking. According to an official government report published in 2019, only 8% of Filipino adults have an active online account. This, combined with the 97% of Filipinos who still trade in cash, has created increased risks during the global pandemic when in-person interactions are limited.