Use of Financial Services: Number of Depositors at Deposit Taking Microfinance Institutions (MFIs) for Philippines
PHLFCDODMFPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,501,880.00
Year-over-Year Change
4045.35%
Date Range
1/1/2008 - 1/1/2024
Summary
This economic trend measures the number of depositors at deposit-taking microfinance institutions (MFIs) in the Philippines. It provides insights into financial inclusion and the growth of the microfinance sector.
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 depositors at deposit-taking MFIs in the Philippines is an important indicator of the development and outreach of the microfinance industry. It reflects the extent to which individuals, particularly low-income and underserved populations, are able to access formal financial services.
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, development organizations, and financial institutions to assess financial inclusion and the impact of microfinance initiatives.
Key Facts
- The number of depositors at deposit-taking MFIs in the Philippines has grown steadily in recent years.
- Microfinance plays a crucial role in expanding financial inclusion, particularly in developing economies.
- The Philippines has been a leader in the development of the microfinance sector in Southeast Asia.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of depositors at deposit-taking microfinance institutions (MFIs) in the Philippines. It provides insights into financial inclusion and the growth of the microfinance sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for policymakers, development organizations, and financial institutions, as it helps assess the progress of financial inclusion initiatives and the development of the microfinance industry in 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 and development organizations to evaluate the impact of microfinance initiatives and inform policies aimed at promoting financial inclusion in the Philippines.
Q: Are there update delays or limitations?
A: The data is reported by the Bangko Sentral ng Pilipinas, so the timeliness and availability of updates may depend on their reporting schedule.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors at Deposit Taking Microfinance Institutions (MFIs) for Philippines (PHLFCDODMFPENUM), retrieved from FRED.