At the beginning of 2023, the industry anticipated a surge in consumer lending demand as Filipinos resumed spending as the country emerged out of the Coronavirus (COVID-19) pandemic. A substantial share of consumers also resorted to loans to manage their expenses.
Fintech companies have started to penetrate and make a difference in consumer lending in the Philippines, specifically targeting the uncarded and unbanked populations. Among the latest fintech players to enter the market is Salmon.
Higher interest rates quickly affected significant loan products like mortgages and auto loans. As housing prices started rising from 2022, borrowing costs were on the rise.
Buy now pay later (BNPL) has risen fast in the Philippines, as consumers are drawn to this alternative to traditional loans. BNPL focuses on consumers with no credit or debit cards and allows repayments in convenient instalments.
The rate of inflation has continued to rise in the Philippines in 2023, thereby impacting interest rates and the overall cost of goods and services. As a result, consumer gross lending has been dampened.
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Understand the latest market trends and future growth opportunities for the Consumer Lending 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 Lending 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.
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.See All of Our Definitions
This report originates from Passport, our Consumer Lending research and analysis database.
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