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Banking and insurance
The Banking & Insurance sector – often referred to as the lifeblood of the real economy – is of vital importance in the modern credit-driven economic growth model. Among its functions are intermediation between savers and borrowers, ensuring funds are allocated efficiently; support of payment and settlement systems that facilitate trade and international economic relations; and provision of various products that mitigate risk and uncertainty. The accelerating pace of technological change, stricter regulation and shifting consumer habits are reshaping the traditional banking model and pushing the sector towards innovation-led growth.
Activities associated with Banking & Insurance are depositary and non-depositary credit intermediation and related activities, investment banking, securities brokerage, commodity contracts dealing and diverse financial investment activities. The sector also includes insurers, re-insurers and insurance brokerages, pension funds, health and welfare funds, monetary authorities, stock exchanges, and collection and credit agencies.
The Philippines’ pharmaceuticals and healthcare sector is experiencing accelerating growth. The country’s strong economic performance over recent years and the government’s interventions to increase healthcare access are bringing ...
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The Philippine manufacturing sector contributed approximately 23% of the country’s GDP as of Q3 2019 – and grew by 2.3% y/y in the first three quarters of 2019. The Philippines’ rapidly growing food and beverage ...
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Both the real estate and construction industries registered growth in 2019 with this positive dynamic being attributed to sustained demand from industries such as IT-BPM and offshore gaming, as well as infrastructure projects in the country ...
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Economic growth in the Philippines over the past few years has been strong as a result of rising remittances from overseas Filipino workers (“OFWs”) and a rising availability of comparatively high paying jobs from the business process ...
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The Philippines is primarily an agrarian country, with about 23% of its population engaged in farming. In 2018, the agriculture sector alone contributed 8% to national GDP – 9.3% if we include forestry and fishing – according to data from ...
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The manufacturing industry in the Philippines is the top contributor to the country’s economic growth, and the food and beverage (F&B) sector is among the largest contributors within the manufacturing industry. The F&B sector accounted ...
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The Philippine transportation sector accounted for 3.6% of national GDP in 2018. Though suffering from under-investment in recent decades, transportation has excellent prospects for the future as adding transport-related infrastructure has been among ...
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The Philippines insurance sector is one of the least developed in the ASEAN region, with insurance penetration and density significantly lower than those in some other large ASEAN countries including Indonesia and Thailand. However, incomes in the ...
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With 1.4bn population each as of 2017, India and China are the most numerous countries out of the six forming the focus of this report. However, the two countries differ widely in terms of per capita GDP, with that of China being more than twice that ...
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The Philippines banking sector remains in a nascent stage of development, and most Filipinos tend to engage in financial activities using less formal channels such as pawnshops. Nonetheless, the banking sector has been expanding its services to ...
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