Financial institutions, such as these, have become an integral part of a modern economy: they have become a key element in the process of economic transformation from basic subsistence agriculture to the modern state where industrial production of goods and services, and financial services themselves, constitute the bulk of economic activity.
Navigating Pandemic-Driven Shifts in Consumer Behavior and Financial Literacy The pandemic was a game-changer for financial consumers, with 6 in 10 Filipinos reporting changes in their financial behavior due to the COVID-19 pandemic. This is reflected in the BSP's Financial Inclusion Survey, or FIS.