Use of Financial Services Deposit Accounts: Accounts at Other Deposit Takers for Philippines
PHLFCAODDNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,208,629.00
Year-over-Year Change
-10.83%
Date Range
1/1/2004 - 1/1/2017
Summary
This economic trend measures the number of financial services deposit accounts held at other deposit-taking institutions in the Philippines. It provides insights into the usage and accessibility of banking services 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
The 'Use of Financial Services Deposit Accounts: Accounts at Other Deposit Takers for Philippines' series tracks the total number of deposit accounts held at institutions other than commercial banks, such as microfinance institutions and cooperatives. This metric is important for understanding financial inclusion and the development of the broader banking sector in the Philippines.
Methodology
The data is collected and reported by the Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Historical Context
This trend is used by policymakers, economists, and financial analysts to monitor the growth and accessibility of banking services beyond the traditional commercial banking system.
Key Facts
- The number of deposit accounts at other deposit takers in the Philippines was 23.1 million as of 2021.
- The Philippines has made significant progress in financial inclusion, with the share of adults with a formal account increasing from 26.6% in 2011 to 55.0% in 2021.
- Microfinance institutions and cooperatives play a crucial role in providing banking services to underserved populations in the Philippines.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of deposit accounts held at financial institutions other than commercial banks in the Philippines, such as microfinance institutions and cooperatives.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the growth and accessibility of banking services beyond the traditional commercial banking system, which is important for understanding financial inclusion and the overall development of the Philippines' banking sector.
Q: How is this data collected or calculated?
A: The data is collected and reported by the Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and financial analysts use this trend to monitor the expansion of banking services and financial inclusion in the Philippines, which informs policy decisions and strategies for promoting economic development.
Q: Are there update delays or limitations?
A: The data is published regularly by the Bangko Sentral ng Pilipinas, but there may be some delays in reporting or limitations in the scope of the data collected.
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Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Accounts at Other Deposit Takers for Philippines (PHLFCAODDNUM), retrieved from FRED.