Filipinos still cautious over financial institutions — study

AT LEAST seven in 10 Filipinos distrust banks even as more individuals express openness to saving and investing using financial platforms, a recent survey showed.

Based on the latest Prosumer Report of communications firm Havas Ortega Group, 70% of the individuals it polled said they believe financial institutions tend to 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.

This came even as 91% of the respondents said they manage their finances well, while 98% expressed interest in investment opportunities and 93% plan to save more in the year ahead.

The majority or 87% also see comprehensive insurance coverage as essential in their lives.

“Consumers today are opening multiple bank accounts, investing through digital platforms, using e-wallets, and actively managing their finances more than ever before. But according to the latest Prosumer Report of Havas Ortega, this progress masks a more uncomfortable reality,” the company said in a statement on Thursday.

“Filipinos are participating in the financial system, but many remain unconvinced that the institutions behind it have earned their trust,” it added.

The survey showed that most or 90% of Filipinos hold accounts with more than one bank.

For Havas Ortega, individuals opting to build ties with multiple financial institutions reflect their intent to diversify their exposures and manage financial risks, rather than a test of trust.

“Many have concluded that while individual institutions may offer value, no single provider has consistently demonstrated enough reliability to warrant complete dependence. The financial system is something to navigate carefully, not something to rely on unquestioningly,” the firm noted.

Based on the Bangko Sentral ng Pilipinas’ latest Consumer Finance and Inclusion Survey, the population of Filipino adults owning bank, e-wallet, and other types of transaction accounts fell to 50% in 2025 from 56% in 2021.

However, a recent Social Weather Stations survey showed that 58% of Filipino adults already have a formal financial account as of the first quarter of the year.

Of the total, 43% own an e-money account, while 21% have a bank account.

On the other hand, Havas Ortega’s report showed that 86% of Filipinos read economic and financial news before making a big purchase, although 71% still purchase impulsively and 70% were open to taking financial risks.

Meanwhile, 82% of Filipinos surveyed said they feel financially secure, and 88% expressed confidence and optimism about the future.

However, 82% are also uncertain if they can save enough to shield themselves and their families from emergency situations.

Havas Ortega said its findings suggest that banks, insurers and financial technology providers should invest more on earning the trust of their existing customers by offering simpler products, greater transparency, and ensuring they have consistently better experiences.

This will help financial institutions gain more competitive advantage, as compared to pouring their efforts into attracting new clients.   

“The numbers tell us that Filipino consumers are not disengaged from the financial system. They’re participating more than ever. But participation should not be mistaken for trust,” Havas Ortega Chairman and Chief Executive Officer Jos Ortega said.

“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,” he added. — Katherine K. Chan