Use of Financial Services, Mobile Banking: Active Number of Mobile Money Accounts for Philippines
PHLFCMAANUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
70,126,532.00
Year-over-Year Change
913.95%
Date Range
1/1/2010 - 1/1/2023
Summary
The 'Use of Financial Services, Mobile Banking: Active Number of Mobile Money Accounts for Philippines' trend measures the active mobile money accounts in the Philippines. This data is critical for understanding financial inclusion and the adoption of digital payment technologies in developing economies.
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 economic indicator tracks the active number of mobile money accounts in the Philippines, which is a key metric for assessing the growth and usage of digital financial services. Mobile money accounts enable unbanked and underbanked populations to access basic financial tools, transfer funds, and make payments via mobile devices.
Methodology
The data is collected by the Bangko Sentral ng Pilipinas, the central bank of the Philippines, through surveys of financial institutions and mobile network operators.
Historical Context
This trend is closely monitored by policymakers, development organizations, and financial analysts to gauge financial inclusion and the impact of mobile money initiatives in the Philippines.
Key Facts
- The Philippines has one of the highest rates of mobile money account ownership in the world.
- Mobile money has helped increase financial access for the unbanked population in the Philippines.
- The active number of mobile money accounts in the Philippines has grown rapidly in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the active number of mobile money accounts in the Philippines, which is a key indicator of financial inclusion and the adoption of digital payment technologies.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the growth and usage of mobile money services, which can help expand financial access and promote economic development in the Philippines.
Q: How is this data collected or calculated?
A: The data is collected by the Bangko Sentral ng Pilipinas, the central bank of the Philippines, through surveys of financial institutions and mobile network operators.
Q: How is this trend used in economic policy?
A: Policymakers, development organizations, and financial analysts closely monitor this trend to gauge financial inclusion and the impact of mobile money initiatives in the Philippines.
Q: Are there update delays or limitations?
A: The data is updated regularly by the Bangko Sentral ng Pilipinas, but there may be some delays in reporting due to the survey-based data collection process.
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Citation
U.S. Federal Reserve, Use of Financial Services, Mobile Banking: Active Number of Mobile Money Accounts for Philippines (PHLFCMAANUM), retrieved from FRED.