Use of Financial Services Deposit Accounts: Accounts at Credit Unions and Financial Cooperatives for Philippines
PHLFCAODUNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
485,681.00
Year-over-Year Change
30.78%
Date Range
1/1/2004 - 1/1/2024
Summary
This economic trend measures the use of deposit accounts at credit unions and financial cooperatives in the Philippines, providing insights into financial inclusion and access to formal 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 'Use of Financial Services Deposit Accounts: Accounts at Credit Unions and Financial Cooperatives for Philippines' series tracks the number of deposit accounts held at these institutions, which play a crucial role in expanding financial access, particularly in developing economies.
Methodology
The data is collected and reported by the Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Historical Context
This trend is closely monitored by policymakers, financial regulators, and development organizations to evaluate financial inclusion initiatives and identify opportunities for improving access to formal banking services.
Key Facts
- The Philippines has over 15,000 credit unions and financial cooperatives.
- Deposit accounts at these institutions have grown by over 50% in the last decade.
- Financial inclusion remains a key development goal for the Philippine government.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of deposit accounts held at credit unions and financial cooperatives in the Philippines, providing insights into financial inclusion and access to formal banking services.
Q: Why is this trend relevant for users or analysts?
A: This trend is crucial for evaluating financial inclusion initiatives and identifying opportunities to improve access to formal banking services, particularly in developing economies like the Philippines.
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: This trend is closely monitored by policymakers, financial regulators, and development organizations to assess the effectiveness of financial inclusion programs and guide policy decisions.
Q: Are there update delays or limitations?
A: The data is reported on a regular basis by the Bangko Sentral ng Pilipinas, but there may be some delays in data availability or limitations in geographic or institutional coverage.
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Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Accounts at Credit Unions and Financial Cooperatives for Philippines (PHLFCAODUNUM), retrieved from FRED.