28 Mar 2019, EMIS Insights Industry Report Extract
Philippines: Banking Sector 2019/2020
The Philippines banking sector remains in a nascent stage of development, and most Filipinos tend to engage in financial activities using less formal channels such as pawnshops. Nonetheless, the banking sector has been expanding its services to encompass a growing proportion of the population; loans and deposits have been growing at CAGRs of 16.4% and 11.4% respectively from 2013 to 2017. Throughout this period of stellar growth, the quality of loans in the banking sector has increased with NPL ratios decreasing across most loan categories from 2013 to 2017.
The banking sector in the Philippines is broadly comprised of three categories – universal and commercial banks, thrift banks, and rural and cooperative banks. The universal and commercial banks dominate the formal banking sector in the Philippines; for example, the largest 5 universal banks accounted for more than 60% of the total assets in the entire banking sector in 2017.
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Original source: Philippines: Banking Sector 2019/2020