Foreign currency bank accounts offer more protection

According to The Bangko Sentral ng Pilipinas (BSP), “70 percent of Filipino adults will have bank accounts by the end of 2023.” This would be substantially higher than the 56 percent in 2021, and 23 percent in 2017. (https://www.pna.gov.ph/articles/1206739) Accordingly, from 2017 to 2023, account ownership will have tripled. (Source : 2021 Financial Inclusion Survey
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