MANILA, Philippines a€“ a€‹a€?Credit cards? Demonyo yun a€‹(charge cards? They are the devil.)a€? said one commenter on Rappler’s article asking anyone about credit software.
Based on the a€‹community financial’s 2017 international Findex Databasea€‹, best 1.9percent of Filipinos aged 15 and up get credit cards. The exact same list additionally claims only 4.4% take a loan from conventional banking institutions.
In a survey conducted because of the a€‹Bangko Sentral ng Pilipinasa€‹ a€‹ on monetary introduction (meaning usage of lending options and solutions), the key cause of Filipinos not to need official economic accounts-whether it’s a bank account, a charge card, or a loan-is a detected a€?lack of needa€? (21per cent).