The proportion of Filipino citizens with bank accounts has grown rapidly in recent years, due largely to the use of electronic money, the central bank says.

While progress has been slow in the past, the “e-money” system has accelerated financial inclusion, Chuchi Fonacier, deputy governor of Bangko Sentral ng Pilipinas tells Central Banking. She also says the BSP might begin the regulation of “virtual banks” as early as next month.

E-money refers to money stored in a designated electronic