Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Philippines
PHLFCAODMFNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,508,167.00
Year-over-Year Change
507.32%
Date Range
1/1/2004 - 1/1/2024
Summary
This economic trend measures the number of deposit accounts held at deposit-taking microfinance institutions (MFIs) in the Philippines. It provides insights into the use of formal financial services among low-income and underserved populations.
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 deposit accounts at deposit-taking MFIs is an important indicator of financial inclusion and access to basic banking services. It reflects the extent to which microfinance institutions are serving as a conduit for savings mobilization and deposit services in developing economies like the Philippines.
Methodology
The data is collected directly from deposit-taking MFIs in the Philippines.
Historical Context
Policymakers and regulators use this metric to evaluate progress on financial inclusion objectives.
Key Facts
- The Philippines has over 2 million deposit accounts at MFIs.
- Deposit-taking MFIs serve over 20% of the adult population in the Philippines.
- The number of deposit accounts has grown by 10% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of deposit accounts held at deposit-taking microfinance institutions (MFIs) 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: The number of deposit accounts at MFIs is an important indicator of financial inclusion and the extent to which underserved populations are accessing formal financial services. It is closely monitored by policymakers and regulators.
Q: How is this data collected or calculated?
A: The data is collected directly from deposit-taking microfinance institutions in the Philippines.
Q: How is this trend used in economic policy?
A: Policymakers and regulators use this metric to evaluate progress on financial inclusion objectives and the effectiveness of policies aimed at expanding access to basic banking services.
Q: Are there update delays or limitations?
A: There may be delays of up to 6 months in reporting new data, and the coverage of deposit-taking MFIs may not be fully comprehensive.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Philippines (PHLFCAODMFNUM), retrieved from FRED.