The PhilSys will support the mainstreaming of transaction accounts, particularly the Basic Deposit Account, which is designed to meet the needs of the unbanked. In fact, 5.6 million bank accounts have been opened for unbanked Filipinos from low-income households through a co-location scheme by the PSA and Land Bank of the Philippines.
This debt increase is apart from possible banking bailout costs, and is a result of an inevitable collapse in tax revenues as well as countercyclical expenditure policies.