The banking sector is in the midst of a strong growth phase as economic development and use of banking services has been extended to traditionally under-banked areas in the Philippines. Tight fiscal policy has led to lower inflation and growing willingness to hold savings in bank deposits, while the number of people with enough income to use...
With development dating back nearly 200 years, the Philippine insurance sector is among the region’s most mature and competitive, expanding steadily in recent years despite serious challenges in 2014. The nation remains prone to natural disasters, as evidenced by Typhoon Haiyan, a category-five storm that caused billions in damage when it struck in November 2013. It cost the sector millions...
As domestic liquidity surged and foreign investors gradually returned after a general flight from emerging markets in 2013, Philippine capital markets were riding a wave of optimism in 2014 and early 2015. The Philippine Stock Exchange’s (PSE) blue-chip index, the PSEI, hit a fresh all-time high in January 2015 and was continuing to rise in February, finally working past the “taper tantrum”...
As banks expand credit to a traditionally under-banked economy, the sector is enjoying a period of rapid catchup growth. A positive feedback loop is at work in which banks are increasingly driving economic growth, supported by inflows from foreign investment and Filipinos working abroad, while growing trust in the banking system is drawing greater volumes of savings. Although bank lending has...
A series of reforms initiated by the administration of President Benigno Aquino III in the last few years have boosted spending on infrastructure and opened key industries to outside investors. The reforms prompted a series of upgrades to the Philippines’ credit ratings and echo initiatives taken in the region as it embarks on greater integration through the ASEAN Economic Community.
Increased product awareness and sustained economic expansion are fuelling double-digit growth in the Philippines’ insurance sector, as the emergence of micro-insurance products helps boost penetration rates and premiums.
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