The Philippines lags behind its Association of Southeast Asian Nations (Asean) neighbors in attracting investment and must speed up financial literacy in the country in time for the integration of the Asean economic community, a US-aided study said.

Entitled “Enhancing Access to Financial Services through a More Competitive Financial System,” the paper is authored by former Philippine Institute for Development Studies (PIDS) President Mario Lamberte and his research associate, Ammielou Gaduena, as a component study of the Advancing Philippine Competitiveness project funded by the United States Agency for International Development (USAID).