Use of Financial Services, Mobile Banking: Value of Outstanding Balances in Active Mobile Money Accounts for Philippines
PHLFCMAABXDC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
22,420,000,000.00
Year-over-Year Change
236.38%
Date Range
1/1/2010 - 1/1/2019
Summary
This economic trend measures the value of outstanding balances in active mobile money accounts in the Philippines. It provides insights into the growth and adoption of mobile 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, Mobile Banking: Value of Outstanding Balances in Active Mobile Money Accounts for Philippines tracks the total value of funds held in active mobile money accounts in the Philippines. This metric is used to assess the development and utilization of mobile-based financial services within the country.
Methodology
The data is collected and reported by the Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Historical Context
This trend is relevant for policymakers and financial institutions analyzing the financial inclusion and digital transformation of the Philippine economy.
Key Facts
- The Philippines has one of the highest rates of mobile money account ownership in Southeast Asia.
- Mobile money services have expanded access to financial services for unbanked and underbanked populations in the Philippines.
- Digital financial inclusion is a key priority for the Philippine government and central bank.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of outstanding balances held in active mobile money accounts in the Philippines. It provides insights into the growth and usage of mobile-based financial services in the country.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for analyzing the development of digital financial inclusion and the adoption of mobile banking services in 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: This trend is used by policymakers, financial institutions, and analysts to assess the progress of financial inclusion and digital transformation initiatives in the Philippines.
Q: Are there update delays or limitations?
A: The data is published with a slight delay, but provides a comprehensive view of mobile money account balances in the Philippines.
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Citation
U.S. Federal Reserve, Use of Financial Services, Mobile Banking: Value of Outstanding Balances in Active Mobile Money Accounts for Philippines (PHLFCMAABXDC), retrieved from FRED.