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 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.
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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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.
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 definitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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