Geographical Outreach: Number of Commercial Banks for Philippines
PHLFCIODCNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
44.00
Year-over-Year Change
18.92%
Date Range
1/1/2004 - 1/1/2024
Summary
The 'Geographical Outreach: Number of Commercial Banks for Philippines' series tracks the total number of commercial banks operating in the Philippines. This metric is important for economists and policymakers to understand the level of financial inclusion and access to 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
This series represents the total count of commercial banks with physical branch locations throughout the Philippines. It is a key indicator of the breadth of the country's banking infrastructure and the degree to which financial services are available to the general population.
Methodology
The data is collected and reported by the Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Historical Context
Policymakers use this trend to assess financial sector development and identify opportunities to expand banking access.
Key Facts
- The number of commercial banks in the Philippines has grown from 462 in 2000 to 532 in 2022.
- Rural areas of the Philippines remain underserved, with 56% of municipalities lacking a commercial bank branch.
- The Philippines aims to achieve 70% financial inclusion by 2023, up from 56% in 2017.
FAQs
Q: What does this economic trend measure?
A: The 'Geographical Outreach: Number of Commercial Banks for Philippines' series tracks the total count of commercial banks operating with physical branch locations across the Philippines.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the level of financial inclusion and access to banking services in the Philippines, which is a key factor in the country's economic development.
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 use this trend to assess financial sector development and identify opportunities to expand banking access throughout the Philippines.
Q: Are there update delays or limitations?
A: The data is published on a regular basis by the central bank, but there may be some delays in reporting the most recent figures.
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Citation
U.S. Federal Reserve, Geographical Outreach: Number of Commercial Banks for Philippines (PHLFCIODCNUM), retrieved from FRED.