Philippines Financial Sector Assessment Program Update
This technical note on access to finance addresses six questions: 1) what is the access to and use of financial services in the Philippines, how does it vary, and how does it compare to other countries? 2) What financial services are available to different market segments? 3) How do different categories of financial institutions contribute to outreach, and what is their potential to expand outreach? 4) How does the regulatory environment support access to finance? 5) What financial infrastructure is available to make credit decisions? 6) What are the results of government policies or programs to promote access to financial services? The note concludes with recommendations to improve access to finance. An estimated 30 percent of Filipinos use formal financial services. This is lower than the East Asia region average. Access to finance has improved since the 2002 Financial Sector Assessment Program (FSAP). The provision of financial services to low-income individuals has expanded. The Philippines has received international recognition for its favorable regulatory policies to promote pioneering use of mobile payments technology and its microfinance regulatory framework.
Summary: | This technical note on access to finance
addresses six questions: 1) what is the access to and use of
financial services in the Philippines, how does it vary, and
how does it compare to other countries? 2) What financial
services are available to different market segments? 3) How
do different categories of financial institutions contribute
to outreach, and what is their potential to expand outreach?
4) How does the regulatory environment support access to
finance? 5) What financial infrastructure is available to
make credit decisions? 6) What are the results of government
policies or programs to promote access to financial
services? The note concludes with recommendations to improve
access to finance. An estimated 30 percent of Filipinos use
formal financial services. This is lower than the East Asia
region average. Access to finance has improved since the
2002 Financial Sector Assessment Program (FSAP). The
provision of financial services to low-income individuals
has expanded. The Philippines has received international
recognition for its favorable regulatory policies to promote
pioneering use of mobile payments technology and its
microfinance regulatory framework. |
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