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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 Gross Value Added (GVA) of the information and communication sector in the Philippines in 2021 stood at PHP 639.0bn, an increase of 9.1% y/y. The Philippine ICT market was given impetus by the COVID-19 pandemic, stronger competition in mobile ...
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The Philippines is an archipelago comprising more than 7,000 islands. This means that constructing a reliable overland transport network interconnecting all cities, towns and communities would be an almost impossible feat. Thereforeр an intermodal ...
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The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), regulates banks, other financial institutions with quasi-banking functions, and businesses involved in exchanging currencies. Deposit-taking and investment institutions under BSP ...
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The healthcare system in the Philippines comprises public and private components. Public healthcare in the Philippines is devolved to local government units, while the central government operates only a few tertiary care and specialist health ...
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