How digital finance is reshaping the way Pinoys spend and save

From digital wallets and artificial intelligence (AI)-powered credit scoring to satellite internet in remote areas, the Philippine banking system is undergoing a quiet but powerful transformation.

- By KEISHA TA-ASAN

What was once out of reach for many—savings, credit and reliable financial services—is now being reshaped by a wave of digital innovation that aims not just to modernize systems but to make them more meaningful and inclusive.

At the heart of this shift is a renewed purpose: to bring banking closer to the people it was once unable to serve.

For the Bangko Sentral ng Pilipinas (BSP), digital transformation is not just about adopting new technologies. It is about returning to core values and reimagining systems to serve more Filipinos with dignity and trust.

"At the BSP, we believe that to regenerate is not just to modernize. It is to return to purpose and to reimagine systems that listen, include and protect," BSP Deputy Governor Chuchi Fonacier told The STAR.

Fonacier pointed to ongoing initiatives such as the implementation of open finance, digital ID integration as well as the BSP's Regulatory Sandbox, which allows fintech players to test innovations in a safe environment.

The central bank is also working on guidelines for the ethical use of AI and continues to strengthen cybersecurity measures across the financial system.

But beneath these technical moves lies a deeper intent: service. While the technology continues to evolve, Fonacier stressed that the BSP never loses sight of the human side of finance.

"Whenever a new digital service is introduced, we don't just look at the technology," she said. "We always ask: Will this help a mother managing a household budget, a worker seeking convenience or a young person dreaming of a better future?"

"Even as technology evolves, our commitment remains: to protect the vulnerable, empower the underserved and build systems that serve with purpose," Fonacier added.

Meanwhile, at Rizal Commercial Banking Corp. (RCBC), embracing digital finance is both a strategy and a commitment to meet the evolving expectations of a more tech-savvy population.