The Philippines’ financial services sector entered the Covid-19 pandemic on a solid footing, thanks to decades of regulatory reform to address the vulnerabilities exposed by the 1997-98 Asian financial crisis. Strong capital buffers, high levels of provisioning and near-universal public health cover insulated the country from many of the impacts that other markets continue to wrestle with....
Philippines Financial Services
Chapter | Financial Services from The Report: Philippines 2021
The Philippines is one of the world’s fastest-growing nations. Although economic activity slowed during the 2020 Covid-19 pandemic period, stimulus measures, imminent public sector policies and a larger budget are expected to create jobs, generate growth and help kick-start the country’s recovery during 2021.
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A number of remittance-focused financial technology (fintech) start-ups are gaining traction in emerging markets. In doing so, they are making inroads on market share that was formerly the preserve of established financial service providers.
Emerging markets were at the forefront of last year’s massive growth in global cryptocurrency adoption. With this growth widely tipped to continue into 2022, a range of countries will see their crypto markets mature or expand.
The coronavirus pandemic gave rise to a massive acceleration in the spread of digital payments and cryptocurrency. This in turn has prompted central banks around the world to trial central bank digital currencies, a digital form of hard currency that is based on blockchain, but backed and issued by a central bank.
Articles & Analysis | New offerings seen from Philippine banks amid Covid-19 from The Report: Philippines 2021
The Philippines is experiencing a boom in digital banking as a result of the Covid-19 pandemic, with several digital-only banks announcing plans to enter the market and legacy banks rapidly upgrading their online offerings. East-West Banking Corporation, the country’s 11th-largest bank by assets, launched its own fully digital bank, Komo, in...
Interviews & Viewpoints | Kelvin Ang, CEO, AIA Philam Life: Interview from The Report: Philippines 2021
How would you assess the pace of digital transformation in the Philippines’ insurance sector?
Interviews & Viewpoints | Benjamin E Diokno, Governor, Bangko Sentral ng Pilipinas (BSP): Interview from The Report: Philippines 2021
What is your assessment of the BSP’s ability to mitigate the economic challenges brought about by the pandemic and facilitate recovery?