PROSPECTS AND OPPORTUNITIES
Digital banks will drive consumer credit growth by empowering underserved Filipinos
Consumer credit in the Philippines is evolving, with innovative banking initiatives such as Tonik Digital Bank and AND Financing Corporation (AFC) leading the way in empowering underserved communities. Tonik, for example, is addressing the “5-6” lending system, an informal credit practice which often traps low-income borrowers in cycles of debt due to its excessive 20% interest rate.
New players target youth demographic
New players in the Philippine financial sector are increasingly focusing on the younger population to enhance financial accessibility. With a large, youthful demographic and a growing middle class, the country offers significant potential for financial services tailored to Millennials and Gen Zs.
Concerns over digital lending practices highlight need for stronger regulation
In the Philippines, digital lending has surged, driven by the increasing use of mobile apps such as BillEase and GCash. However, while these platforms have expanded financial access, concerns have been raised over hidden fees, high interest rates, and abusive debt collection practices, with some borrowers having reported facing threats and harassment.
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Overview:
Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Philippines with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in Philippines, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Consumer Credit in Philippines report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Consumer Credit in Philippines?
- What are the major trends key to understanding Consumer Credit in Philippines?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Consumer Credit in the Philippines - Category analysis
KEY DATA FINDINGS
Consumer credit market set for continued growth in 2024
Digital banks drive lending growth
UnionBank sees digital transformation
Digital banks will drive consumer credit growth by empowering underserved Filipinos
New players target youth demographic
Concerns over digital lending practices highlight need for stronger regulation
Consumer Lending in the Philippines - Industry Overview
Consumer lending in 2024: The big picture
2024 key trends
Rising demand for affordable home financing
BNPL gains popularity among Gen Zs
What next for consumer lending?
DISCLAIMER
The following categories and subcategories are included:
Consumer Credit
- Auto Lending
- Card Lending
- Durables Lending
- Education Lending
- Home Lending
- Other Personal Lending
Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Consumer Credit research and analysis database.
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