Many Bicolanos are either living dirt poor, pay check to pay check, do not have money left to put up a bank account, or do not have confidence in the Philippine banking system.
Either one of the above could be true.
Take a look at the recent finding based on the survey conducted by the Bangko Sentral ng Pilipinas. The result revealed that only 2 out of 10 family household head in the region have bank accounts equivalent to a low 13.3 percent only.
Based on the 2014 Consumer Finance Survey, majority or 86.7 percent of households do not have savings account.
The result is at par with the nationwide result that 8 in ten households have no bank account. In contrast, a bigger number of households in the National Capital Region maintain savings account.
The stark reality is that a minuscule percentage of Bicolanos (and Filipinos) has deposit or savings account.
When asked during the survey, Bicol repondents cited not having enough money to warrant opening a savings account. Others reasoned out that either the bank is far, not able to manage an account, or have no need for one.
While the survey was done in 2014 and already dated, the Bangko Sentral still consider the information gathered to serve as basis for policy implications and recommendations.
It is because the CFS is the only survey in the country that provides and generates comprehensive information on the financial condition of Filipino households, particularly their income and wealth comprising of financial and non-financial assets as well as their saving, borrowing and investment behavior and preferences.
The survey revealed that the portfolio of households in the country is comprised mostly of non-financial assets commonly consisted of home appliances, their own residence and motor vehicles. (from report of Sally Atento-Altea)