There were signs by mid-2021 that economic activity within the Philippines was improving, although the ongoing threat posed by COVID-19 meant that the Monetary Board remained only cautiously optimistic. Looking to build on this sign of improvement BSP chose to keep interest rates at their historic low levels to encourage consumer lending.
There is still huge room for development for the Philippines’ consumer credit industry. The concept of “utang” (credit) in Philippine society still carries some stigma and is associated with poverty and financial mismanagement.
Weak consumer confidence and stricter lending criteria have put a sizeable dent in auto lending since the start of the COVID-19 pandemic, with many households also delaying replacing or purchasing a new car. Despite the disappointing results seen in 2020 and 2021, some banks like BPI remain bullish that auto lending will gather strength quickly, and 2022 marks the beginning of a convincingly robust return to growth.
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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.
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 Definitions
This report originates from Passport, our Consumer Credit research and analysis database.
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