The Philippine financial sector is relatively small and simple, with activity concentrated in basic bank and non-bank lending and deposit taking. The activities classified as financial intermediation accounted for 7.7% of GDP in 2013, according to the National Statistical Coordination Board. The industry employed just 1.2% of the labour force in that year.
Personal disposable income per head will rise to US$3,189 by 2019, from US$2,240 in 2014, but the Philippines will remain one of South-east Asia's poorest countries, with personal disposable income per head below that of Singapore (US$29,789 in 2019), Malaysia (US$9445) and Thailand (US$5,598). In US-dollar terms, personal disposable income in the Philippines will rise by about 8.6% a year on average in 2015-19.
The Bangko Sentral ng Pilipinas (BSP, the central bank) tightened monetary policy in 2011 as the local economy recovered from the 2008-09 global financial crisis. However, the central bank changed course in early 2012. The BSP cut interest rates four times in 2012, finally taking its main policy rates, the overnight repurchase (repo) rate and the reverse repo rate, down to 5.5% and 3.5%, respectively, in October. Rates were kept on hold until July 2014, but, since then, have each been raised by 50 basis points.

Financial services report 5

Banks 6

Insurers 8

Asset managers 10

Financial markets and instruments 11

Financial regulation 14

Monetary and currency policy 16

Pakistan at a glance 17

Fundamental indicators 18

Key contacts 19

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