THE number of basic deposit accounts (BDAs) surged to 24.2 million in the fourth quarter of 2023, according to the data from the Bangko Sentral ng Pilipinas.

This is 50 percent higher than the 15.3 million recorded in the same period in 2022.In the previous quarter, the number was at 23.6 million, which posted a modest 2.54-percent increase.Launched by the central bank in 2018, BDAs are designed to cater to the financial requirements of individuals without bank accounts and those with limited incomes.It features a minimal initial deposit of P100 or less, uncomplicated identification prerequisites, no mandatory balance to maintain and no fees for account inactivity.As of the fourth quarter of last year, the total value of BDA deposits climbed to P36.7 billion, 207 percent higher than the P11.96 billion recorded in the same period in 2022.To date, there are a total of 156 banks offering BDAs all over the country.Three of them are universal banks (Al-Amanah Islamic Investment Bank of the Philippines, Land Bank of the Philippines and Rizal Commercial Banking Corp.), two are commercial banks (Philippine Bank of Communications and Robinsons Bank Corp.) while the rest are thrift banks.Tonik Digital Bank Inc. is the only digital bank offering BDAs in the country. Read The Rest at :