Microfinance has long been recognized for its potential to improve financial access, inclusion, mobility, and poverty alleviation among low-income households. In the Philippines, however, evidence on its welfare-enhancing effects remains limited. This paper presents findings from the 2024 Philippine Microfinance Survey, a nationally representative dataset covering 1,900 households, designed to evaluate the role of microfinance in supporting households during economic shocks. Results show that microfinance significantly improved consumption stability for 88.4% of users and enhanced resilience for 65.4%, particularly in response to the COVID-19 pandemic, inflation, and natural disasters. Critically, we find that microfinance institutions (MFIs) play an important role in increasing clients’ exposure to financial literacy programs. Among respondents who availed of microfinance services, the proportion who had attended formal or informal financial education programs was 2.4 to 6.8 times higher than non-clients. Formal financial training is strongly and significantly associated with improved household resilience and quality of life, suggesting that MFIs not only provide credit but also build financial capability. Nonetheless, gaps in financial access and literacy persist, especially among the poorest households. These findings underscore the need to scale up financial literacy efforts alongside access to tailored microfinance products. The results offer key insights for MFIs, policymakers, and development actors seeking to expand the impact of microfinance on economic resilience and inclusion in the Philippines.