Comparative Analysis of Interest-Earning Digital Wallet Banking Applications in the Philippines Applying Time Value of Money Principles (Journal of Financial and Management Sciences)

Summary

• As of March 2026, Philippine digital bank deposits reached P153.0 billion across nearly 38 million accounts, representing a 58% year-on-year increase.p.3
• Philippine final withholding tax on interest income is set at 20% pursuant to NIRC Section 24(B).p.5
• Effective March 15, 2025, the Philippine Deposit Insurance Corporation raised Maximum Deposit Insurance Coverage from P500,000 to P1,000,000 per depositor per bank.p.7
• Over a 10-year projection horizon, Maya Bank's Boosted Savings Rate of 15% p.a. achieved the highest future value at P310,584.82 for a P100,000 initial deposit.p.1
• Tonik Bank's 12-Month Time Deposit at 8.0% p.a. ranked second in 10-year wealth accumulation, yielding a projected future value of P185,958.61.p.1
• OFBank's 0.05% p.a. interest rate resulted in a near-zero net gain of P400.72 after 10 years on a P100,000 deposit.p.1
• Multi-criteria scoring identified Tonik Solo Stash and OwnBank as top-ranked platforms with a composite score of 4.48 due to unconditional rates and full liquidity.p.1

Key insights

1. Digital bank deposits in the Philippines expanded 58% year-on-year to P153.0 billion by March 2026.p.3
2. Unconditional savings platforms providing full liquidity and low transaction fees, such as Tonik Solo Stash and OwnBank, earned the highest composite score of 4.48.p.39
3. The Bangko Sentral ng Pilipinas adjusted its target Reverse Repurchase policy rate to 4.5% during its April 2026 monetary policy meeting.p.7
4. Annual transaction costs range from P0.00 for OwnBank and GoTyme Bank to P324.00 for Maya Bank depending on transfer allowances and ATM withdrawal usage.p.19