The Philippines, the cash promise land
Yesterday, the Philippine Information Agency announced plans for a further increase in ATM numbers within the country as part of a government effort to boost financial inclusion.
It is fascinating that while the United Kingdom experiences one in five ATM withdrawals (the bad kind of withdrawal), the Philipines is taking the opposite approach. That's right, the nation of the Pearl of the Orient is seeing a push for financial inclusion via cash with approximately 100 ATMs installed every year since 2014.
MANILA, Jan. 25 (PIA) -- The Development Bank of the Philippines (DBP) is set to install more automated teller machines (ATMs) in key areas nationwide in support of the government’s thrust of promoting financial inclusivity in underserved communities across the country.
DBP president and chief executive officer Cecilia C. Borromeo said the bank now has 637 ATMs in different parts of the country, with a growing number located in unbanked and underserved areas.
“We’ve steadily expanded our ATM network. From 428 ATMs in 2015, we expanded our network to 535 in 2016 and now, 637 as of the end of 2017...”
Borromeo added that they intend to install more ATMs and establish branches especially in the countryside, to serve more under-banked and unbanked Filipinos...
Guzman, Jimmyley E. "DBP to install more ATMs nationwide." DBP to install more ATMs nationwide | Philippine Information Agency. January 25, 2018. Accessed January 26, 2018.