Use of Financial Services: Number of Depositors at Commercial Banks for Philippines
PHLFCDODCPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
86,014,262.00
Year-over-Year Change
205.11%
Date Range
1/1/2008 - 1/1/2024
Summary
This economic trend measures the number of depositors at commercial banks in the Philippines. It provides insights into the level of financial inclusion and banking sector activity 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: Number of Depositors at Commercial Banks for Philippines' metric tracks the total number of deposit accounts held at commercial banks operating in the Philippines. This data point is a key indicator of financial access and the overall development of the country's banking system.
Methodology
The data is collected and reported by the Central Bank of the Philippines.
Historical Context
Policymakers and economists use this trend to assess financial inclusion and the performance of the Philippine banking sector.
Key Facts
- The number of depositors at Philippine commercial banks exceeded 58 million as of the latest data.
- Commercial bank deposits make up over 50% of the Philippines' gross domestic product.
- Access to formal banking services has expanded rapidly in the Philippines over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of deposit accounts held at commercial banks operating in the Philippines. It is an indicator of financial inclusion and banking sector activity.
Q: Why is this trend relevant for users or analysts?
A: The number of depositors at Philippine commercial banks is a key metric for assessing the development and accessibility of the country's financial system. It provides insights into financial inclusion and the performance of the banking sector.
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 trend to monitor financial inclusion and the overall health of the Philippine banking sector, which are important factors for sustainable economic development.
Q: Are there update delays or limitations?
A: The data is published with a relatively short delay, typically a few months after the reference period. There may be some limitations in terms of geographic or institutional coverage, but the trend provides a reliable high-level indicator of banking sector activity in the Philippines.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors at Commercial Banks for Philippines (PHLFCDODCPENUM), retrieved from FRED.