Use of Financial Services, Liabilities: Outstanding Deposits at Credit Unions and Financial Cooperatives for Philippines
PHLFCLODUXDC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
13,371,226,474.27
Year-over-Year Change
45.41%
Date Range
1/1/2004 - 1/1/2024
Summary
This economic trend measures the outstanding deposits held at credit unions and financial cooperatives in the Philippines. It provides insights into the use of formal financial 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
The Use of Financial Services, Liabilities: Outstanding Deposits at Credit Unions and Financial Cooperatives for Philippines series tracks the total value of deposits held at these types of financial institutions. It offers a window into the overall level of financial inclusion and access to banking services within the Philippine economy.
Methodology
The data is collected and reported by the Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Historical Context
This metric is used by policymakers and analysts to monitor financial sector development and financial inclusion efforts in the country.
Key Facts
- The Philippines has over 12,000 credit cooperatives and rural banks.
- Deposit mobilization at these institutions has grown by over 10% annually.
- Financial inclusion remains a key priority for the Philippine government.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of outstanding deposits held at credit unions and financial cooperatives operating in the Philippines.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the level of financial inclusion and access to formal banking services within the Philippine economy.
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 and analysts use this metric to monitor financial sector development and financial inclusion efforts in the Philippines.
Q: Are there update delays or limitations?
A: The data is published on a regular basis with minimal delays, providing timely insights into this aspect of the Philippine financial system.
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Citation
U.S. Federal Reserve, Use of Financial Services, Liabilities: Outstanding Deposits at Credit Unions and Financial Cooperatives for Philippines (PHLFCLODUXDC), retrieved from FRED.