Filipinos are increasingly making use of mobile apps for their health and finance management.
Per the study “Fulfilling Futures: Living better with mobile technology in the Philippines” conducted by Economist Impact, the Philippines ranks second among the thirteen surveyed Asian countries in the use of mobile apps for personal finance purposes and fourth for physical health and fitness.
Among the surveyed Filipino respondents, 79 percent reported they use apps to manage their personal finances. India leads with 80 percent, while Thailand (79%), Vietnam (77%), and Singapore (73%) round out the top five.
The level of income among the respondents had negligible relevance on the use of mobile apps. Respondents with above-median income were only marginally more inclined to use finance apps (80%) versus those below the median (78%). Similarly, when it came to health and wellness apps, 77% of those above the median income used them, while 75% of those below the median income did the same.
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Ellen Joyce Suficiencia, a director at the Bangko Sentral ng Pilipinas, emphasized the significance of e-wallets in driving financial inclusion. As quoted in the study, she highlighted how e-money accounts have nearly doubled between 2019 and 2021 and surpassed deposit accounts.
Affordability and convenience were cited to be the main factors behind the popularity of e-wallets, which typically have no account opening fees, offer cheaper transfer fees than banks, and facilitate quicker remittance transactions.
As for health and fitness apps, the most used include step trackers, women’s health apps, calorie counters, and pulse monitors. Eduardo Banzon from the Asian Development Bank cautioned that while online access to health information increases awareness, misinformation and fraud have also become prevalent concerns.
Pru Life UK commissioned the study to improve its insurance policies for clients, focusing on enhancing digitalization regulations and financial inclusion programs. You can read the full study here.