The Philippines has made dramatic strides in expanding digital access over the past decade, but simply opening a financial account is no longer the ultimate benchmark for inclusion.
Instead, the country’s next big challenge is shifting toward financial health — helping Filipinos transform digital access into long-term savings, responsible credit, and stronger resilience against economic shocks.
Speaking at the ASEAN Tech Summit Manila 2026 during the panel discussion “Beyond Financial Inclusion: Advancing Financial Health at Scale,” Toff Rada, Head of Corporate Affairs at Maya, highlighted that the fintech industry must re-evaluate how it measures progress.
“Access was the first phase of financial inclusion. The next phase is financial health,” Rada stressed. “The question is no longer simply whether Filipinos have a financial account, but whether that account is making their lives better and more secure.”
Bridging the gap between access and active usage
Formal account ownership in the Philippines has more than doubled over the last decade, surging from 22% in 2015 to around 50% in 2025. This rapid growth was made possible by critical digital foundations, including national payment rails, digital identity verification, improving credit reporting systems, and the Bangko Sentral ng Pilipinas’ (BSP) digital banking framework.
However, industry leaders emphasize that these systems still need to be strengthened and sustained to address a persistent gap: a vast portion of account holders continue to use their digital wallets strictly for basic transactions. As a result, millions remain underserved by formal savings, wealth-building, and affordable credit products.
Progress should no longer be measured solely by the number of accounts opened or total transaction volume. The true test of digital infrastructure is whether it actively helps consumers build emergency funds, access fair credit, scale small businesses, or withstand unexpected financial setbacks.
Turning everyday payments into credit intelligence
Toff Rada, Head of Corporate Affairs at Maya
Digital transactions offer a powerful solution to this challenge by providing financial institutions with deeper visibility into consumers and micro-enterprises that lack traditional credit histories.
When leveraged responsibly with proper privacy safeguards, everyday money movement offers valuable data signals regarding how individuals and merchants manage cash flow.
Through platforms like the Maya app and Maya Business, simple payment acceptance acts as an entry point for a broader banking relationship.
“Every payment is a data point,” Rada noted. “Used responsibly, those signals can help make more people and businesses visible to the formal financial system and improve their access to financial services.”
Within the Maya ecosystem, artificial intelligence (AI) is deployed across the entire user lifecycle — enhancing digital onboarding, personalized product delivery, automated credit assessment, real-time fraud detection, and customer protection.
Embedding financial literacy directly into product design
IMAGE CREDIT: Freepik
Rather than relying strictly on standalone seminars or periodic awareness campaigns, fintech leaders are advocating for a behavioral approach to financial education: building literacy directly into the software user experience.
This product-led approach is reflected across Maya’s key features. Through its High-Yield Savings and Time Depositproducts, customers can unlock dynamic interest rate boosts by completing everyday financial tasks, effectively encouraging active account usage while rewarding consistent savings habits.
Building on this design philosophy, Maya XP introduces a gamified engagement score where users progress through interactive missions and levels. By pairing timely nudges and clear feedback with relevant rewards, the platform uses game mechanics to make healthy financial decisions second nature.
“For financial institutions, financial literacy cannot sit outside the product,” Rada explained. “It has to be built into the experience through clear feedback, relevant incentives, and timely nudges that help healthier financial habits become second nature.”
Building regional interoperability across ASEAN
Scaling financial resilience will require cooperation beyond national borders. Rada called for standardized ASEAN-wide metrics to evaluate financial health, alongside deeper integration of cross-border payment and data interoperability systems.
Co-organized by FinTech Alliance.PH and the ASEAN Business Advisory Council Philippines, the panel brought together key public and private stakeholders across the region. Joining Rada were:
- Kristine Orlina, BSP Deputy Director
- Niraan de Silva, VNPay JSC Vietnam Vice President
- CJ Lacsican, Grab Financial Group Country Head
- Areson Cuevas, Wise Philippines Country Manager
- Lawrence Ferrer, Bayad President and CEO
- Sarah Corley, Alliance of Digital Finance and Fintech Association CEO
