Filipinos are increasingly saving, investing and using digital financial services, but many remain unconvinced that financial institutions have earned their trust, according to the latest Prosumer Report released by Havas Ortega.
Using data from YouGov Profiles, the study found that Filipino Prosumers — the country’s most influential early adopters — remain highly engaged in managing their finances despite lingering skepticism toward financial institutions.
Nearly all respondents, or 98%, said they actively look for investment opportunities, while 93% plan to save more this year. Nine out of 10 respondents also said they maintain relationships with more than one bank.
At the same time, 72% said banks are largely indistinguishable from one another, while 70% believe banks and financial firms often prioritize their own interests over those of consumers.
The report said this may help explain why many Filipinos spread their money across several providers instead of relying heavily on a single institution.
“The numbers tell us that Filipino consumers are not disengaged from the financial system. They’re participating more than ever. But participation should not be mistaken for trust. Many of the behaviors we traditionally associate with customer loyalty, such as maintaining multiple banking relationships, may actually reflect consumers managing their own risk rather than expressing confidence in any single institution,” said Phil Tiongson, general manager, head of MX and Data & Analytics at Havas Ortega.
The report also challenged another long-standing assumption in the industry — that confusion around financial products is primarily a financial literacy issue.
While 70% of respondents said financial matters remain confusing, Havas Ortega said the report raises questions about whether financial products and services have become unnecessarily complex and difficult for consumers to navigate.
Consumers who actively invest, save and follow economic developments are clearly engaged in managing their finances, the report said, adding that the industry’s next challenge is making products easier to understand and easier to trust.
“The challenge isn’t convincing Filipinos to use financial products. They’ve already done that. The bigger question is whether institutions can build the kind of trust that encourages consumers to rely on them with confidence. Trust isn’t created through advertising alone. It’s built every day through products, transparency, customer service, and the experience people have when they need help the most,” said Jos Ortega, chairman and CEO of Havas Ortega.
The report said banks, insurers and financial technology firms may increasingly find themselves competing not just on products or pricing, but on their ability to build long-term trust through transparency, simplicity and customer experience.
Because Filipino Prosumers typically adopt attitudes and behaviors 18 to 24 months ahead of the broader market, Havas Ortega said the findings could offer an early glimpse into how expectations across the financial sector are changing and where the industry may need to adapt next.
