Number of Bank Accounts for Philippines
DDAI01PHA642NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
686.50
Year-over-Year Change
87.69%
Date Range
1/1/2008 - 1/1/2020
Summary
The Number of Bank Accounts for Philippines trend measures the total number of deposit accounts held by individuals and businesses in the Philippines banking system. This metric is a key indicator of financial inclusion and the growth of the country's banking sector.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Number of Bank Accounts for Philippines data represents the total number of deposit accounts, including both checking and savings accounts, maintained at commercial banks and other depository institutions in the Philippines. This trend is used by economists and policymakers to assess the level of financial access and banking penetration within the Filipino population.
Methodology
The data is collected and reported annually by the World Bank based on information provided by the Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Historical Context
Trends in the number of bank accounts are closely monitored by the Philippine government and international organizations to guide financial inclusion policies and banking sector development strategies.
Key Facts
- The number of bank accounts in the Philippines grew from 29.7 million in 2011 to 44.4 million in 2017.
- Only 34% of adults in the Philippines had a bank account as of 2017, indicating significant room for financial inclusion growth.
- The Philippines government has set a target of 70% financial inclusion by 2023.
FAQs
Q: What does this economic trend measure?
A: The Number of Bank Accounts for Philippines trend measures the total number of deposit accounts held by individuals and businesses in the Philippine banking system.
Q: Why is this trend relevant for users or analysts?
A: This trend is a key indicator of financial inclusion and the growth of the Philippines' banking sector, which is closely monitored by policymakers and economists to guide financial access strategies.
Q: How is this data collected or calculated?
A: The data is collected and reported annually by the World Bank based on information provided by the Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Q: How is this trend used in economic policy?
A: Trends in the number of bank accounts are used by the Philippine government and international organizations to guide financial inclusion policies and banking sector development strategies.
Q: Are there update delays or limitations?
A: The data is reported annually, so there may be a 1-2 year delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, Number of Bank Accounts for Philippines (DDAI01PHA642NWDB), retrieved from FRED.