People 15 Years and Over with Account at a Formal Financial Institution for Philippines
DDAI05PHA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
45.98
Year-over-Year Change
73.16%
Date Range
1/1/2011 - 1/1/2021
Summary
This economic trend measures the percentage of people aged 15 and older in the Philippines who have an account at a formal financial institution. It provides insights into financial inclusion and access to banking services.
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 'People 15 Years and Over with Account at a Formal Financial Institution for Philippines' statistic represents the share of the adult population in the Philippines that uses banking or other formal financial services. This metric is a key indicator of financial development and economic opportunity.
Methodology
The data is collected through household surveys conducted by the World Bank.
Historical Context
This trend is used by policymakers, researchers, and financial institutions to assess financial inclusion and identify areas for improving access to banking services.
Key Facts
- Over 50% of adults in the Philippines have a formal financial account.
- Financial inclusion has increased significantly in the Philippines since the early 2000s.
- Access to banking services remains a challenge for rural and low-income populations.
FAQs
Q: What does this economic trend measure?
A: This trend measures the percentage of people aged 15 and older in the Philippines who have an account at a formal financial institution, such as a bank, credit union, or microfinance provider.
Q: Why is this trend relevant for users or analysts?
A: Financial inclusion is a key indicator of economic development and opportunity. This trend provides insights into the level of access to banking and other formal financial services in the Philippines, which is important for policymakers, researchers, and financial institutions.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the World Bank.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, regulators, and financial institutions to assess financial inclusion and identify areas for improving access to banking services, particularly in underserved communities.
Q: Are there update delays or limitations?
A: The data is updated periodically by the World Bank, but there may be delays in reporting or limitations in survey coverage for certain regions or demographics.
Related Trends
Outstanding Domestic Public Debt Securities to GDP for Philippines
DDDM04PHA156NWDB
Number of Identified Exporters to Philippines from Massachusetts
MAPHLA475SCEN
Geographical Outreach: Key Indicators Commercial Bank Branches Per 100,000 Adults for Philippines
PHLFCBODCANUM
Number of Identified Exporters to Philippines from Iowa
IAPHLA475SCEN
Number of Identified Exporters to Philippines from South Dakota
SDPHLA475SCEN
Fiscal Situation of General Government: Net Lending/borrowing for Philippines
PHLGGXCNLG01GDPPT
Citation
U.S. Federal Reserve, People 15 Years and Over with Account at a Formal Financial Institution for Philippines (DDAI05PHA156NWDB), retrieved from FRED.