Government Policies and Investor Interest Catalyze PHP 14 Trillion Retail Deposit Market in the Philippines: Ken Research
A booming banking sector alongside government aid to be the backbone of Philippines Retail Deposits Market, says a report by Ken Research.
GURUGRAM, India, Sept. 26, 2023 /PRNewswire/ --
Story Outline
- Philippine government promotes digital payments, security, and financial inclusion, boosting customer trust. Measures like Circular No. 1048 improve retail deposits.
- Philippines' retail deposits grow as the economy thrives, investors trust the stable banks, good rates, and investment choices available.
- Investments in retail deposits help banks and the economy. Stable funds from deposits support lending and create a positive banking environment.
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1. Government Initiatives to Increase Financial Inclusion, promote digital Payments and Enhance Consumer Security are giving confidence to customers to make more deposits.
Government initiatives in the Philippines are playing a crucial role in shaping the retail deposit market. With a focus on increasing financial inclusion, promoting digital payments, and enhancing consumer security, these initiatives have instilled confidence among customers to make more deposits. The inclusion of digital wallets and e-payments has provided consumers with convenient and easy-to-use options, enabling them to make better choices. Furthermore, the implementation of enhanced consumer protection measures, such as Circular No. 1048 or the BSP Regulations on Financial Consumer Protection, has strengthened the existing infrastructure and executed processes more effectively. Overall, government policies are driving positive transformations in the Philippines retail deposit market, fostering innovation and improving the banking experience for customers.
2. Investment Scenario Bolsters Growth of Philippines Retail Deposit Market
The retail deposit market in the Philippines is experiencing a significant boost due to a favorable investment scenario. The country's growing economy and increasing investor confidence have led to a surge in investments, thereby contributing to the expansion of the retail deposit market. Investors are actively seeking secure and reliable avenues to park their funds, and retail deposits have emerged as a popular choice. The stability of the banking system, coupled with attractive interest rates and various investment options, has attracted individuals and businesses to deposit their savings in banks. This influx of investments has not only fueled the growth of the retail deposit market but also provided banks with a stable source of funding to support lending activities.
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3. The Philippines Banking System as well as the retail deposits segment are both expected to grow steadily in the upcoming years, with projects suggesting the same.
The Central Bank (BSP) has come up with the Digital Payments Transformation Roadmap, covering the years 2020 to 2023 which aims to make digital payments more efficient, accessible to everyone and secure. BSP involves working on various projects and strategies to achieve these goals.
Alongside improving regular payments, the Central Bank (BSP) is also focused on making digital foreign exchange (currency exchange) more efficient, safe, and accessible. They have strategies and projects in place to make this happen.
The Securities and Exchange Commission (SEC) has temporarily stopped allowing new financing and lending companies to register. They are doing this while they create new rules for how these companies should be licensed and registered in the future.
The SEC and the Bureau of Internal Revenue (BIR) are working together to better regulate and tax fintech companies. They want to ensure these companies follow the rules while still encouraging them to grow and come up with new ideas.
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Conclusion
The retail deposit industry in the Philippines is booming. Government programs that promote digital payments, financial inclusion, and consumer protection have increased public trust in making deposits. Banking transactions have been made simpler and safer due to the development of digital wallets and improved security measures.
Also, the country's strong investment climate, fueled by its expanding economy and investor confidence, is accelerating the increase of retail deposits. Due to the nation's reliable banking system, alluring interest rates, and wide range of investment choices, people and companies are choosing retail deposits. Along with helping the retail deposit market, this increase in investments provides banks with the money they need to sustain lending activities. Overall, these elements are crucial for growing the Philippine retail deposit sector.
The India Construction Chemicals market is moderately fragmented in nature, with the presence of many international players. Some of the major players in the industry, are Citi Bank, Union bank, Metro Bank & Sterling Bank of Asia with BDO holding the maximum market share followed by Landbank, Metro Bank & BPI.
Market Taxonomy
Philippines Retail Deposit Market Segmentation
By Banks
Commercial Banks
Thrift banks
Rural banks
By Product
Demand Deposit
Savings Deposit
Time Deposit
LTNCD
By type of depositors
Residents
Government
Banks
Private Corporations
Individuals
Trust Department
Non-Residents
By Account
PESO
FCDU
By Insurance
Fully Insured
Partly Insured
Non-Insured
By Major Regions
Luzon
Visayas
Mindanao
For More Insights On Market Intelligence, Refer To The Link Below: – Philippines Retail Deposit Market
Related Reports by Ken Research: – KSA Lending Market Outlook to 2027- Driven by Government Initiatives, Adoption of FinTech, and Increased Digitalization
According to Ken Research estimates, the KSA Lending Market –in 2022 at a CAGR of 50.4% owing to growing demand for financing penetration in the sector. KSA's private consumption expenditure has risen, indicating improved living standards and reduced poverty. Demographic factors influence lending preferences, with under-24 individuals seeking credit for education and ventures, while 25-54 age group seeks loans for homes and cars.
The US Micro Lending market is expected to grow at a CAGR of 12 % from 2022 to 2028 with low-interest Rates, Ease of Access, Technological Advancements, flexible repayment schedules, and Alternative credit score models. As the market is anticipated to grow remarkably in the forecasted period thus the demand for microloans will also increase significantly. To match the growing demand micro-lenders are planning to use data analytics and AI (Artificial Intelligence) to tailor lending products to their customers. This help micro-lenders analyses customers' behaviour and lenders will be able to customize terms and repayment schedules that match with clients' financial conditions.
The Indian Micro Lending Market is projected to grow at a CAGR of 11% from 2022 to 2028 driven by variables like the unbanked population, the increasing population of microenterprises, government support for microfinance, and digital technology & mobile penetration. The Indian microlending market is all set to dominate the world microlending market within the next decade. Indian microfinance industry will face major transformation in terms of innovation in the coming years. Innovation will enable the market to bring changes in products, service delivery, and process of operations.
Buy Now Pay Later industry in South Africa is estimated to generate a revenue of USD 1569 Million in 2027E, expanding at a CAGR of double digits in between 2022P and 2027E Increasing demand for extra credit line with less stringent KYC procedures without relying on CIBIL scores will be traction for consumers for utilization of BNPL services. Retailers as end user will witness upsurge in revenue contribution to 80% of the market share as more retailers will be coming forward to incorporate the BNPL services in their online and offline store to increase consumer base by collaborating with BNPL players.
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