Use of Financial Services: Key Indicators, Deposit Accounts with Commercial Banks Per 1000 Adults for Philippines
PHLFCAODCANUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,046.95
Year-over-Year Change
95.22%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of deposit accounts with commercial banks per 1,000 adults in the Philippines. It provides insights into the level of financial inclusion and access to basic banking services within the country.
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 'Use of Financial Services: Key Indicators, Deposit Accounts with Commercial Banks Per 1000 Adults for Philippines' metric tracks the availability and utilization of deposit accounts across the adult population in the Philippines. This indicator is used by policymakers and analysts to assess financial inclusion and identify opportunities to expand access to formal banking services.
Methodology
The data is collected by the World Bank through household and financial institution surveys.
Historical Context
This trend is relevant for monitoring progress towards financial development and inclusion goals outlined in economic policies.
Key Facts
- The latest value for this indicator is 651.7 deposit accounts per 1,000 adults.
- The Philippines has seen steady growth in financial inclusion over the past decade.
- Expanding access to deposit accounts is a key priority for the Philippine government.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of deposit accounts with commercial banks per 1,000 adults in the Philippines. It provides insights into financial inclusion and access to basic banking services.
Q: Why is this trend relevant for users or analysts?
A: This indicator is used by policymakers and analysts to assess financial inclusion and identify opportunities to expand access to formal banking services in the Philippines.
Q: How is this data collected or calculated?
A: The data is collected by the World Bank through household and financial institution surveys.
Q: How is this trend used in economic policy?
A: This trend is relevant for monitoring progress towards financial development and inclusion goals outlined in Philippine economic policies.
Q: Are there update delays or limitations?
A: The data is updated annually, and there may be some delays in reporting from the original sources.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Deposit Accounts with Commercial Banks Per 1000 Adults for Philippines (PHLFCAODCANUM), retrieved from FRED.