Philippines Average Family Savings: CARAGA data was reported at 39,000.000 PHP in 2015. This records an increase from the previous number of 38,000.000 PHP for 2012. Philippines Average Family Savings: CARAGA data is updated yearly, averaging 18,197.000 PHP from Dec 1997 (Median) to 2015, with 7 observations. The data reached an all-time high of 39,000.000 PHP in 2015 and a record low of 9,411.000 PHP in 2000. Philippines Average Family Savings: CARAGA data remains active status in CEIC and is reported by Philippine Statistics Authority. The data is categorized under Global Database’s Philippines – Table PH.H020: Family Income and Expenditure Survey: Average Annual Income, Expenditure and Saving: By Region.

According to a survey on consumer expectations in the fourth quarter of 2024, about ** percent of households with savings in the Philippines were high-income earners. The share of households with savings fluctuated since 2020.

Philippines PH: Bank Account Ownership at a Financial Institution or with a Mobile-Money-Service Provider: Poorest 40%: % of Population Aged 15+ data was reported at 18.026 % in 2017. This records a decrease from the previous number of 18.038 % for 2014. Philippines PH: Bank Account Ownership at a Financial Institution or with a Mobile-Money-Service Provider: Poorest 40%: % of Population Aged 15+ data is updated yearly, averaging 18.026 % from Dec 2011 (Median) to 2017, with 3 observations. The data reached an all-time high of 18.038 % in 2014 and a record low of 9.889 % in 2011. Philippines PH: Bank Account Ownership at a Financial Institution or with a Mobile-Money-Service Provider: Poorest 40%: % of Population Aged 15+ data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Bank Account Ownership. Account denotes the percentage of respondents who report having an account (by themselves or together with someone else) at a bank or another type of financial institution or report personally using a mobile money service in the past 12 months (poorest 40%, share of population ages 15+).; ; Demirguc-Kunt et al., 2018, Global Financial Inclusion Database, World Bank.; Weighted average; Each economy is classified based on the classification of World Bank Group's fiscal year 2018 (July 1, 2017-June 30, 2018).

According to the Financial Inclusion Survey in 2021, around ** percent of the adult population in the Philippines has an account with a financial provider. This was a significant increase from the share in 2019. What’s driving the increase in formal account ownership in the Philippines?  The recent increase in the share of Filipinos with a formal account with a financial provider was driven by e-money accounts. From just ***** percent of the population in 2019, the share of e-money account holders in the Philippines overtook those with a bank account in 2021. GCash was the leading mobile wallet application in the Philippines based on monthly active users in 2022, followed by Maya. Attitude towards digital banks  According to a survey in 2023, Filipinos still prefer their main bank account to be a traditional bank over a digital bank. However, among those who chose digital banks, they identified ease and convenience as the main reasons. In addition, ** percent of respondents said they chose digital banks because they were able to bank at any time of the day at their convenience.

The Philippines: Current account balance, billion USD: The latest value from 2023 is -11.82 billion U.S. dollars, an increase from -18.26 billion U.S. dollars in 2022. In comparison, the world average is 1.95 billion U.S. dollars, based on data from 148 countries. Historically, the average for the Philippines from 1977 to 2023 is -0.12 billion U.S. dollars. The minimum value, -18.26 billion U.S. dollars, was reached in 2022 while the maximum of 11.58 billion U.S. dollars was recorded in 2020.

Key information about Philippines Current Account Balance: % of GDP

• Philippines Current Account deficit accounted for 4.3 % of the country's Nominal GDP in Mar 2023, compared with a 0.5 % surplus in the previous quarter.
• Philippines Current Account Balance: % of Nominal GDP data is updated quarterly, available from Mar 1981 to Mar 2023, with an average value of -0.7 %.
• The data reached an all-time high of 8.4 % in Dec 2006 and a record low of -9.8 % in Dec 1983.

CEIC calculates Current Account Balance as % of Nominal GDP from monthly Current Account Balance and quarterly Nominal GDP. Bangko Sentral ng Pilipinas provides Current Account Balance in USD. Philippine Statistics Authority provides Nominal GDP in local currency. Bangko Sentral ng Pilipinas average market exchange rate is used for currency conversions. 3.Current Account Balance as % of Nominal GDP prior to Q1 2005 is calculated from Current Account Balance sourced from the International Monetary Fund.


Key information about Philippines Current Account Balance: % of GDP

• In the latest reports of Philippines, Current Account recorded a deficit of 1.9 USD bn in Mar 2023.
• Foreign Direct Investment (FDI) increased by 548.2 USD mn in Mar 2023.
• Philippines Direct Investment Abroad expanded by 713.9 USD mn in Mar 2023.
• Its Foreign Portfolio Investment increased by 1.0 USD bn in Mar 2023.
• The country's Nominal GDP was reported at 102.1 USD bn in Mar 2023.

We designed a commitment savings product for a Philippine bank and implemented it using a randomized control methodology. The savings product was intended for individuals who want to commit now to restrict access to their savings, and who were sophisticated enough to engage in such a mechanism. We conducted a baseline survey on 1777 existing or former clients of a bank. One month later, we offered the commitment product to a randomly chosen subset of 710 clients; 202 (28.4%) accepted the offer and opened the account. In the baseline survey, we asked hypothetical time discounting questions. Women who exhibited a lower discount rate for future relative to current trade-offs, and hence potentially have a preference for commitment, were indeed significantly more likely to open the commitment savings account. After twelve months, average savings balances increased by 81 percentage points for those clients assigned to the treatment group relative to those assigned to the control group. We conclude that the savings response represents a lasting change in savings, and not merely a short-term response to a new product.

The Philippines: Current account balance forecast, percent of GDP: The latest value from 2030 is -1.84 percent, an increase from -2.08 percent in 2029. In comparison, the world average is -0.96 percent, based on data from 181 countries. Historically, the average for the Philippines from 1980 to 2030 is -1.15 percent. The minimum value, -7.54 percent, was reached in 1982 while the maximum of 5.46 percent was recorded in 2006.

Philippines PH: Bank Account Ownership at a Financial Institution or with a Mobile-Money-Service Provider, Richest 60%: % of Population Aged 15+ data was reported at 45.363 % in 2017. This records an increase from the previous number of 40.100 % for 2014. Philippines PH: Bank Account Ownership at a Financial Institution or with a Mobile-Money-Service Provider, Richest 60%: % of Population Aged 15+ data is updated yearly, averaging 40.100 % from Dec 2011 (Median) to 2017, with 3 observations. The data reached an all-time high of 45.363 % in 2017 and a record low of 37.667 % in 2011. Philippines PH: Bank Account Ownership at a Financial Institution or with a Mobile-Money-Service Provider, Richest 60%: % of Population Aged 15+ data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank: Bank Account Ownership. Account denotes the percentage of respondents who report having an account (by themselves or together with someone else) at a bank or another type of financial institution or report personally using a mobile money service in the past 12 months (richest 60%, share of population ages 15+).; ; Demirguc-Kunt et al., 2018, Global Financial Inclusion Database, World Bank.; Weighted Average; Each economy is classified based on the classification of World Bank Group's fiscal year 2018 (July 1, 2017-June 30, 2018).

As of January 2025, the value of outstanding credit card loans granted by universal and commercial banks in the Philippines reached roughly *** billion Philippine pesos. In contrast, salary-based general purpose consumption loans accounted for the lowest value of loans as of that period. Bank account ownership in the Philippines Based on Statista estimates, the credit card penetration rate in the Philippines has gradually increased since 2018. However, this accounts for only a minimal share of the population, as the country remains to have one of the lowest banked population share in the entire Asia-Pacific region. Among the population with a formal account from a financial provider, a larger share of the population has an e-money account than a bank account. Leading universal and commercial banks  Universal and commercial banks offer vast financial services, including deposit and checking services, investment and mutual funds, and housing loans, among others. These types of banks also had the highest bank footprint in the Philippines, which was higher than thrift banks and rural and cooperative banks combined. As of the fourth quarter of 2023, BDO Unibank Inc (BDO) emerged as the largest universal bank in the Philippines based on the value of deposits.

The Philippines is among the countries in Southeast Asia seeing sustained growth in mobile payment transactions. In 2023, GCash accounted for ** percent of the total mobile wallet application market. Meanwhile, its closest competitor, Maya, held a **** percent share. The rise of mobile wallets in the Philippines Alternative payment services have given Filipinos access to financial services usually provided only by banks. In particular, most Filipinos with a formal account in 2021 said they have an e-money account, compared to those with a bank account. E-money, which is stored in a digital wallet or on a card, enables users to easily make in-store payments as well as transfer and receive money online. In the Philippines, GCash had the highest monthly active users in 2022, followed by Maya. The popularity of such banking options is reflected in the forecast number of mobile wallet users in the country. Consumer preference for e-payment methods  A 2022 survey among Filipino consumers reflected a growing interest in using digital payment methods, especially due to its convenience, easy-to-use platforms, and fast transactions. The same survey revealed that GCash and PayPal were the leading e-payments or e-wallets used in the Philippines.

Philippines PH: BOP: Current Account: Trade in Services: % of GDP data was reported at 19.680 % in 2017. This records an increase from the previous number of 18.159 % for 2016. Philippines PH: BOP: Current Account: Trade in Services: % of GDP data is updated yearly, averaging 13.592 % from Dec 1977 (Median) to 2017, with 41 observations. The data reached an all-time high of 35.533 % in 1997 and a record low of 8.087 % in 1977. Philippines PH: BOP: Current Account: Trade in Services: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank: Balance of Payments: Current Account. Trade in services is the sum of service exports and imports divided by the value of GDP, all in current U.S. dollars.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files, and World Bank and OECD GDP estimates.; Weighted average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Philippines PH: BOP: Financial Account: Foreign Direct Investment: Net Inflows: % of GDP data was reported at 3.207 % in 2017. This records an increase from the previous number of 2.716 % for 2016. Philippines PH: BOP: Financial Account: Foreign Direct Investment: Net Inflows: % of GDP data is updated yearly, averaging 1.033 % from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 3.207 % in 2017 and a record low of -0.327 % in 1980. Philippines PH: BOP: Financial Account: Foreign Direct Investment: Net Inflows: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Balance of Payments: Capital and Financial Account. Foreign direct investment are the net inflows of investment to acquire a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor. It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. This series shows net inflows (new investment inflows less disinvestment) in the reporting economy from foreign investors, and is divided by GDP.; ; International Monetary Fund, International Financial Statistics and Balance of Payments databases, World Bank, International Debt Statistics, and World Bank and OECD GDP estimates.; Weighted average; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

Philippines PH: BOP: Financial Account: Foreign Direct Investment: Net Outflows: % of GDP data was reported at 1.120 % in 2017. This records an increase from the previous number of 0.786 % for 2016. Philippines PH: BOP: Financial Account: Foreign Direct Investment: Net Outflows: % of GDP data is updated yearly, averaging 0.362 % from Dec 1977 (Median) to 2017, with 39 observations. The data reached an all-time high of 3.597 % in 2007 and a record low of -0.775 % in 2000. Philippines PH: BOP: Financial Account: Foreign Direct Investment: Net Outflows: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Balance of Payments: Capital and Financial Account. Foreign direct investment refers to direct investment equity flows in an economy. It is the sum of equity capital, reinvestment of earnings, and other capital. Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy. Ownership of 10 percent or more of the ordinary shares of voting stock is the criterion for determining the existence of a direct investment relationship. This series shows net outflows of investment from the reporting economy to the rest of the world, and is divided by GDP.; ; International Monetary Fund, Balance of Payments database, supplemented by data from the United Nations Conference on Trade and Development and official national sources.; Weighted average; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

The mobile wallet company GCash reported a gross transaction value amounting to approximately *** trillion Philippine pesos, more than triple that of the previous year. As of **********, about ** percent of the Philippine adult population already had a GCash account.

Philippines PH: BOP: Current Account: Personal Remittances: Received: % of GDP data was reported at 10.462 % in 2017. This records an increase from the previous number of 10.214 % for 2016. Philippines PH: BOP: Current Account: Personal Remittances: Received: % of GDP data is updated yearly, averaging 7.232 % from Dec 1977 (Median) to 2017, with 41 observations. The data reached an all-time high of 13.323 % in 2005 and a record low of 1.725 % in 1977. Philippines PH: BOP: Current Account: Personal Remittances: Received: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank: Balance of Payments: Current Account. Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. Data are the sum of two items defined in the sixth edition of the IMF's Balance of Payments Manual: personal transfers and compensation of employees.; ; World Bank staff estimates based on IMF balance of payments data, and World Bank and OECD GDP estimates.; Weighted Average; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

Philippines PH: BOP: Current Account: Imports: Service: Insurance and Financial Services: % of Service Imports data was reported at 7.371 % in 2017. This records a decrease from the previous number of 7.879 % for 2016. Philippines PH: BOP: Current Account: Imports: Service: Insurance and Financial Services: % of Service Imports data is updated yearly, averaging 3.206 % from Dec 1977 (Median) to 2017, with 41 observations. The data reached an all-time high of 12.905 % in 2008 and a record low of 0.425 % in 1998. Philippines PH: BOP: Current Account: Imports: Service: Insurance and Financial Services: % of Service Imports data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank: Balance of Payments: Current Account. Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Weighted average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Philippines PH: BOP: Current Account: Exports: Service: Travel: % of Service Exports data was reported at 19.620 % in 2017. This records an increase from the previous number of 16.481 % for 2016. Philippines PH: BOP: Current Account: Exports: Service: Travel: % of Service Exports data is updated yearly, averaging 19.866 % from Dec 1977 (Median) to 2017, with 41 observations. The data reached an all-time high of 49.807 % in 1999 and a record low of 11.941 % in 1996. Philippines PH: BOP: Current Account: Exports: Service: Travel: % of Service Exports data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Balance of Payments: Current Account. Travel covers goods and services acquired from an economy by travelers for their own use during visits of less than one year in that economy for either business or personal purposes. Travel includes local transport (i.e., transport within the economy being visited and provided by a resident of that economy), but excludes international transport (which is included in passenger transport. Travel also excludes goods for resale, which are included in general merchandise.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Weighted average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Philippines PH: BOP: Current Account: Exports: Service: Communications, Computer, etc: % of Service Exports data was reported at 72.368 % in 2017. This records a decrease from the previous number of 75.931 % for 2016. Philippines PH: BOP: Current Account: Exports: Service: Communications, Computer, etc: % of Service Exports data is updated yearly, averaging 71.479 % from Dec 1977 (Median) to 2017, with 41 observations. The data reached an all-time high of 85.078 % in 1996 and a record low of 42.736 % in 1999. Philippines PH: BOP: Current Account: Exports: Service: Communications, Computer, etc: % of Service Exports data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Balance of Payments: Current Account. Communications, computer, information, and other services cover international telecommunications; computer data; news-related service transactions between residents and nonresidents; construction services; royalties and license fees; miscellaneous business, professional, and technical services; personal, cultural, and recreational services; manufacturing services on physical inputs owned by others; and maintenance and repair services and government services not included elsewhere.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Weighted average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Philippines PH: BOP: Current Account: Imports: Service: Travel: % of Service Imports data was reported at 45.592 % in 2017. This records a decrease from the previous number of 46.088 % for 2016. Philippines PH: BOP: Current Account: Imports: Service: Travel: % of Service Imports data is updated yearly, averaging 13.702 % from Dec 1977 (Median) to 2017, with 41 observations. The data reached an all-time high of 50.654 % in 2014 and a record low of 1.591 % in 1984. Philippines PH: BOP: Current Account: Imports: Service: Travel: % of Service Imports data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Balance of Payments: Current Account. Travel covers goods and services acquired from an economy by travelers for their own use during visits of less than one year in that economy for either business or personal purposes. Travel includes local transport (i.e., transport within the economy being visited and provided by a resident of that economy), but excludes international transport (which is included in passenger transport. Travel also excludes goods for resale, which are included in general merchandise.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Weighted average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.