Manila, Aug. 13 -- Bringing more Filipinos into the digital financial system will require more than cheaper transaction costs, Senator Erwin Tulfo said Thursday, noting that complicated account requirements, poor connectivity, and fear of fraud continue to keep many people from using formal financial services.

Tulfo said reducing or eliminating transaction fees could encourage the use of digital payments, but would have little impact on people who struggle to open accounts, understand banking applications, or safely navigate digital platforms.

"Lower or even zero fees can certainly help encourage digital transactions, but they are only one part of the bigger picture," he said in a news release.

Tulfo said the focus should instead be o...