Financial inclusion is a state wherein individuals and businesses, especially the vulnerable sectors, have access to useful and affordable financial products and services that meet their needs. It is considered as an enabler to reduce extreme poverty and boost shared prosperity. (World Bank, 2018)
Data items on financial inclusion (financial account ownership and uses, presence of savings and loans their purpose, and availment of insurance products) are important inputs in measuring financial inclusion in the country and aiding policies and programs makers in identifying gaps, setting priorities, monitoring progress, and formulating policies and programs that can help in improving access to financial products and services.
Begin by reading the section introduction to the respondent:
“Now, we will ask about the household's financial activities such as opening/maintaining of bank accounts, savings, and loans, among others.”
K01: Ownership of financial account
Ask the respondent, “Which of the following formal financial accounts (which is/are active, whether personal or joint accounts) do you or any of your household members have?”. Then, mention each type of formal financial account listed below. For each type of financial account, select ‘1’ for Yes if the respondent or any of the household member has it; otherwise, select ‘2’ for No.
Sometimes respondents may not want to provide certain types of information. Privacy is an important issue to most people. Incentives and assurances of confidentiality can make it easier to obtain private information. When asking questions about sensitive topics, it can be beneficial to allow respondents to choose “prefer not to answer”.
Prefer not to answer option may make respondents more comfortable in participating this activity. If the respondent prefers not to answer, select ‘9’ for Prefer not to answer.
If the respondent answers at least one (1) ‘Yes’ in categories from ‘A’ to ‘F’, and ‘Z’, skip to K03. If the respondent answers all ‘No’, proceed to K02.
Meanwhile, if the respondent refused to answer (code ‘9’) all response categories, proceed to K04. If the respondent answers ‘No’ and ‘Prefer not to answer’, proceed to K04.
| Code | Financial Account | Definition |
|---|---|---|
| A | Bank account (ATM, online/electronic banking, passbook) | Account in a bank (e.g., micro savings, regular savings, checking account, time deposit, payroll account) with or without passbook, or ATM/debit card |
| B | Digital bank account (UNObank, UnionDigital Bank, GoTyme, Overseas Filipino Bank, Tonik, and Maya Bank) | Account in banks registered in BSP offering financial products and services that are processed end to end through a digital platform and/or electronic channels with no physical branch/sub-branch or branch-lite unit offering financial products and services |
| C | E-money account (e.g., GCash, PayMaya) or cash card | Account that can be in the form of a mobile wallet that is electronically stored in an instrument or device such as mobile phones (e.g., GCash, PayMaya, GrabPay, ShopeePay, Starpay, etc.) or cash card (e.g., Pantawid Pamilya, Pag-IBIG Plus, Land Bank card) NOTE: Rewards cards and other limited-purpose cards (e.g., SM Advantage, Starbucks, Happy Plus, Beep, etc.) are not e-money accounts The list of E-Money Issuers can be accessed using the link below: https://www.bsp.gov.ph/Lists/Directories/Attachments/7/emi.pdf |
| D | Account with Non-Stock Savings and Loan Association or NSSLA (e.g., AFPSLAI, Manila Teachers SLA) | Account in institutions engaged in the business of accumulating the savings of its members and using such accumulations for loans to members. NSSLAs prior to transacting any business, shall secure a license from the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) and register with the Securities and Exchange Commission (SEC), in accordance with RA No. 8367 (Revised NSSLA Act of 1997). In October 2020, BSP shared that there are 63 NSSLAs that operate in the country and cater to the needs of well-defined individuals, including military and uniformed personnel, public and private school teachers, public- and private-sector employees, and market vendors. |
| E | Account with cooperative | Account in cooperatives or associations voluntarily formed by people to meet their socio-economic needs. Members pay their dues like membership fees and regular contributions which in turn are used by the group to grant loans and provide other financial services to its members. The list of registered cooperatives can be accessed using this link: https://cda.gov.ph/wpcontent/uploads/2021/01/Updated_list_coops_ECQ_2020_April_24.pdf |
| F | Account with microfinance NGO (e.g., CARD, ASA) | Account in MF NGO or a task-oriented voluntary group driven by common interest, to promote microfinance, which is the provision of financial products and services that cater to the low-income household to help them improve their lives. The following are microfinance NGOs accredited by the Microfinance NGO Regulatory Council from 2019 to 2021:
The updated list of accredited microfinance NGOs may be accessed at: https://www.sec.gov.ph/mnrc-list/list-of-microfinance-ngos-with-mnrc-accreditation-as-of-april-2022/ |
| Z | Others, specify _____ | Accounts not classified in any of the abovementioned categories (e.g., CIMB, ING, PayPal, Provident Fund) |
This item should be answered by all households and should not be left blank.
K02: Reason/s for not having a financial account
This item should be asked to all households and should not be left blank. Also, this question is asked to respondents who answered ‘No’ to all the formal financial accounts listed in K01.
Ask the respondent, “What is/are the reason/s for not having any of the financial accounts mentioned in K01?”.
The following are the possible reasons for not having a financial account:
| Code | Reason |
|---|---|
| A | Do not know the details or how it works |
| B | Do not have the documentary requirements (e.g., ID) to open an account |
| C | Do not trust financial institutions |
| D | Religious beliefs |
| E | Find the minimum deposit, maintaining balance, and other transaction fees too expensive |
| F | Do not need it / not interested / prefer cash / choose not to open |
| G | Do not have enough/extra money to open an account |
| H | The bank/financial institution is too far |
| I | Personal reasons / confidential |
| J | Too old/young |
| Z | Others, specify _____ |
Do not read out the possible reasons. Wait for the respondent to answer then reflect his/her response. Multiple reasons are allowed.
Select ‘1’ for Yes, or ‘2’ for No for each of the following reasons.
If there are other reasons not listed in categories from ‘A’ to ‘J’ above, select ‘Z’ for Others, specify. Then, indicate in the space provided the other reason provided by the respondent. Answers under category ‘Z’ must NOT include the reasons mentioned under codes ‘A’ to ‘J’.
Proceed to K04 Presence of other form of savings after answering this question.
K03: Use of financial account
This question is asked if the respondent answers ‘Yes’ to any of the financial accounts listed in K01.
Ask the respondent, “In the past 12 months, how did you or any member of your household use the financial account/s?”.
The following are the possible uses of financial accounts:
| Code | Use of Financial Account |
|---|---|
| A | Saving - For education |
| B | Saving - For leisure/travel |
| C | Saving - For emergencies |
| D | Saving - For opening business/ business expansion |
| E | Saving- For future events (e.g., birthday, weddings, anniversaries) |
| F | Saving - For investments |
| G | Saving - For other purposes not cited above |
| H | Payment - For electronic banking (i.e., fund transfer via online banking, ATM, mobile app) |
| I | Payment - For automatic debit arrangements |
| J | Payment - For check payment |
| K | Payment - For Point-of-Sale (POS) using debit cards/cash cards |
| L | Payment - For bills (e.g., insurance, utilities like Meralco, Manila Water) |
| M | Payment - For online shopping |
| N | Payment - For loans |
| O | For receiving benefits from a government program (e.g., 4Ps, SAP, Social Pension) |
| P | For receiving salary |
| Q | For receiving pension |
| R | For receiving loans |
| S | For receiving allowance (family, student, kids) |
| T | For business operations |
| U | For remittances |
| Z | Others, specify _____ |
Do not read out the possible uses listed above. Wait for the respondent to answer then reflect his/her response. Tell the respondent to consider all the financial accounts that the household has in answering this item. Multiple uses are allowed.
Select ‘1’ for Yes, or ‘2’ for No for each of the possible uses of financial accounts.
If there are other uses not listed in categories from ‘A’ to ‘U’ below, select ‘1’ for Yes under category ‘Z’. Then, indicate in the space provided the other use/s provided by the respondent. Answers under category ‘Z’ must NOT include reasons mentioned under categories from ‘A’ to ‘U’.
K04: Presence of savings
This item should be asked to all households and should not be left blank.
Ask the respondent, “Do you or any of your household members have savings?”. Select ‘1’ for Yes, or ‘2’ for No. If the answer is ‘No’, skip to K06.
If there is at least one (1) Yes answer in K01 A to Z, and K03 A to G, answer in K04 should be automatically ‘1’ for Yes.
K05: Places where savings are kept
Ask the respondent, “Where do you or any of your household members put/keep your savings?”.
The following are the possible places where savings are kept:
| Codes | Other Forms of Savings |
|---|---|
| A | Formal financial account |
| B | At home (saving under the mattress, inside the cabinet, piggy bank, etc.) |
| C | Ask other people to keep money for me |
| D | Group savings (a rotating savings and credit association or a group of individuals who pool funds [e.g., paluwagan]) |
| E | Government institutions (GSIS, SSS, Pag-IBIG) |
| Z | Others, specify _____ |
Do not read out the possible places listed above. Wait for the respondent to answer then reflect his/her response. Multiple answers are allowed.
For each category, select ‘1’ for Yes, ‘2’ for No or if the respondent prefers not to answer, select code ‘9’.
If there is at least one (1) Yes answer in K01 A to Z, and K03 A to G, answer in K05 A – Formal financial account should be automatically ‘1’ for Yes. Meanwhile, if all the answers in K01 A to Z are No, answer in K05 A – Formal financial account should be automatically ‘2’ for No.
If there are other forms of savings not listed in categories from ‘A’ to ‘E’ below, select ‘Z’ for Others, specify. Then, indicate in the space provided the other forms of savings provided by the respondent. Answers under category ‘Z’ must not include those mentioned under categories from ‘A’ to ‘E’.
Proceed to K07 Presence of outstanding loans after answering this question.
K06: Reasons for not saving money
This item is intended to be asked for those households with no savings or those that answer ‘No’ in K04.
Ask the respondent, “What is/are the reason/s why you or any of your household members do not have savings?”.
Do not read out the possible reasons listed below. Instead, wait for the respondent to answer the reflect his/her answer. Multiple answers are allowed.
For each category, select ‘1’ for Yes, ‘2’ for No or if the respondent prefers not to answer, select code ‘9’.
If there are other reasons not listed in categories from ‘A’ to ‘D’ below, select ‘1’ for Yes in ‘Z’ for Others, specify. Then, indicate in the space provided the other reason provided by the respondent. Answers under category ‘Z’ must NOT include the reasons mentioned under categories from ‘A’ to ‘D’.
| Code | Reason |
|---|---|
| A | Earn just enough/ No extra money |
| B | Unemployment/No stable source of income |
| C | Used for emergency, house repair, events (e.g., wedding, birthday, travel, leisure), purchases (e.g., appliances/furniture and gadgets), and business/entrepreneurial activities |
| D | Felt no need to save |
| Z | Others, specify _____ |
K07: Presence of outstanding loans
This item should be asked to all households and should not be left blank.
Ask the respondent, “Do you or any of your household members have any loan/s?”. This refers to outstanding loans as of date of visit.
Select ‘1’ for Yes, or ‘2’ for No. If the respondent does not know the answer, select ‘8’ for Don’t Know. If the respondent prefers not to answer, select ‘9’ for Prefer not to answer.
| Code | Description | Skipping Instructions |
|---|---|---|
| 1 | Yes | |
| 2 | No | GO TO K10 |
| 8 | Don't Know | GO TO K10 |
| 9 | Prefer not to answer | GO TO K10 |
If the respondent answers ‘2’, ‘8’, or ‘9’, go to K10. Otherwise, proceed to K08.
K08: Source/provider of loan
This question is to be asked when the respondent says ‘Yes’ in K07.
Ask the respondent, “Where did you or any of your household members acquire this/these loan/s?”. The following are the possible sources/providers of loan:
| Code | Source of Loan |
|---|---|
| A | Bank - an institution wherein you can deposit money, earn interest, and borrow money (loan) with interest. It may be BDO, Land Bank, Citibank, etc., or rural banks like Rural Banks of Laguna. |
| B | NSSLA - non-stock, non-profit corporations engaged in the business of accumulating members’ savings for lending to households by providing long-term financing for home building or development and for personal finance. |
| C | Cooperative - duly registered associations of persons, with a common bond of interest, who have voluntarily joined together to achieve a lawful common social or economic end, making equitable contributions to the capital required and accepting a fair share of the risks and benefits of the undertaking in |
| D | Microfinance institution - small loans that help poor people who wish to start or expand their small businesses but are not able to borrow from banks. |
| E | Financing/lending company - corporations primarily organized for the purpose of extending credit facilities to consumers and to industrial, commercial, or agricultural enterprises. These include lenders situated in appliance centers, department stores, and other stores. Examples: HomeCredit, Flexi Finance See list of SEC-registered financing companies at: https://www.sec.gov.ph/lending-companies-and-financing-companies-2/list-of-financing-companies/ Pls. see list of SEC-registered lending companies at: https://www.sec.gov.ph/lending-companies-and-financing-companies-2/list-of-lending-companies-2/ |
| F | Online lending platform refer to mobile lending applications, websites, and other technology-enabled programs or systems where the services and products of financing/lending companies are made available (e.g., Cashalo, Tala, Gcredit, Kviku). Examples: HomeCredit, Flexi Finance See list of SEC-registered online lending platforms at: https://www.sec.gov.ph/lending-companies-and-financing-companies-2/list-of-recorded-online-lending-platforms/ |
| G | Pawnshop - pawnshop (also called a pawnshop or pawnbroker) is a shop or business who loans money to people who bring in valuable items which they leave with the pawnbroker. The place of business lending of money with interest on pledged personal property. |
| H | Government institution (GSIS, SSS, Pag-IBIG, etc.) |
| I | Family, relative, and friend – may be a trusted friend, relative with or without written agreement (e.g., riding in one’s credit card/loan). |
| J | Informal lender – includes ‘Bombay’ or private individual whose income/business is to lend money with interests. |
| K | Salary advance from employer |
| L | In-house financing |
| Z | Others, specify _____ |
Do not read out the possible places listed above. Wait for the respondent to answer then reflect his/her response. Multiple answers are allowed.
Select ‘1’ for Yes for all the providers mentioned by the respondent and answer ‘1’ for No for those not cited. If the respondent prefers not to answer this item, select ‘9’ Prefer not to answer.
If there are source of loans not listed in categories from ‘A’ to ‘M’ above, select ‘1’ for Yes in ‘Z’ for Others, specify. Then, indicate in the space provided the other source of loan provided by the respondent. An example of this is “utang sa sari-sari store”. Answers under category ‘Z’ must NOT include loan sources mentioned under codes ‘A’ to ‘M’.
K09: Purpose of loan
This question is to be asked when the respondent answers ‘Yes’ in K07.
Ask the respondent, “What is/are the purpose/s of this/these loan/s?”.
Below are the possible purposes of loan. The respondent can answer more than one (1) purpose. Answer ‘1’ for Yes for all that applies, and answer ‘2’ for No for those not cited. If the respondent refused to answer this item, select ‘9’ for Prefer not to answer for all sub-items.
| Code | Purpose of Loan |
|---|---|
| A | Business/Entrepreneurial Activities |
| B | Education |
| C | Travel/Leisure |
| D | Medical needs |
| E | Daily needs (e.g., food, rent, electricity, and water) |
| F | Vehicle |
| G | Real estate (e.g., house, lot, condo) |
| H | Payment for another loan |
| I | Appliance/furniture, and gadgets |
| J | Insurance |
| K | Events (e.g., weddings, birthday, christening) |
| Z | Others, specify _____ |
If there are purposes of loan not listed in categories from ‘A’ to ‘K’ above, select ‘1’ for Yes in ‘Z’ for Others, specify. Then, indicate in the space provided the other purpose of loan provided by the respondent. Answers under category ‘Z’ must NOT include loan purposes mentioned under codes ‘A’ to ‘K’.
Answers in category ‘Z’ such as “house repair/construction”, “house renovation/improvement”, and other real estate-related purposes should be removed and transferred to code ‘G’.
K10: Insurance products
This item should be asked to all households and should not be left blank.
Ask the respondent, “Which of the following insurance products do you or any of your household members have?”. Read out the types of insurance products. For each type, select ‘1’ for Yes if the respondent mentioned that their household has that particular insurance product; otherwise, select ‘2’ for No. Choose all applicable insurance products. If the respondent refused to answer, select ‘9’ for Prefer not to answer.
In case one type of insurance product is bundled with other type/s of insurance product (e.g., life insurance and accident insurance), select ‘1’ for Yes to all that applies (e.g., ‘A’ for Life insurance, and ‘B’ for Accident insurance).
If there are other insurance products availed by the household and/or household members, select ‘1’ for Yes in ‘Z’ for Others, specify. Then, indicate in the space provided the other insurance product. Answers for code ‘Z’ must NOT include those mentioned in categories ‘A’ to ‘J’.
| Code | Types of insurance products | Description |
|---|---|---|
| A | Life insurance | Insurance that pays out a sum of money either on the death of a person or after a set period |
| B | Accident insurance | A type of insurance which covers financial losses in the event of an accident resulting in injury |
| C | Health insurance | Insurance which covers medical and surgical expenses incurred by the insured |
| D | Combination of life and non-life insurance | Insurance that pays at the time of maturity or in case of death and offers financial protection for health issues or losses |
| E | Fire insurance | Insurance which covers damages and losses caused by fire. |
| F | Vehicle insurance | Insurance which provides financial protection against physical damage or bodily injury of a vehicle |
| G | Microinsurance | Low-cost insurance to meet the social protection needs of low-income groups |
| H | Crop insurance | Insurance that covers crops against losses that may be caused by natural disasters |
| I | Livestock and poultry insurance | Insurance that covers farm animals against losses that may be caused by diseases and natural disasters |
| J | Fisheries insurance | Insurance that covers fisheries against losses that may be caused by diseases and natural disasters |
| Z | Others, specify _____ | Other types of insurance like house and appliances insurance, etc. |