Use of Financial Services Deposit Accounts: Accounts at Commercial Banks for Philippines
PHLFCAODCNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
92,993,733.00
Year-over-Year Change
195.20%
Date Range
1/1/2004 - 1/1/2024
Summary
The 'Use of Financial Services Deposit Accounts: Accounts at Commercial Banks for Philippines' metric tracks the number of deposit accounts held at commercial banks in the Philippines. This data provides insights into financial inclusion and the level of banking penetration in 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
This economic indicator measures the total number of deposit accounts held by individuals and businesses at licensed commercial banks in the Philippines. It is an important metric for assessing the breadth of financial services access and utilization within the Filipino population and economy.
Methodology
The data is collected and reported by the Central Bank of the Philippines.
Historical Context
Policymakers and economists use this metric to evaluate financial sector development and progress towards greater financial inclusion.
Key Facts
- The Philippines had over 72 million deposit accounts in 2021.
- The number of deposit accounts has grown by over 30% since 2016.
- Over 50% of Filipino adults had a bank account as of 2021.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total number of deposit accounts held at commercial banks in the Philippines, providing insights into financial inclusion and banking penetration.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for evaluating progress towards greater financial access and services utilization within the Filipino population and economy.
Q: How is this data collected or calculated?
A: The data is collected and reported by the Central Bank of the Philippines.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess financial sector development and progress towards financial inclusion goals.
Q: Are there update delays or limitations?
A: The data is published with a slight delay, usually a few months after the end of the reporting period.
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Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Accounts at Commercial Banks for Philippines (PHLFCAODCNUM), retrieved from FRED.