Use of Financial Services: Key Indicators, Deposit Accounts with Credit Unions and Financial Cooperatives Per 1000 Adults for Philippines
PHLFCAODUANUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5.68
Year-over-Year Change
-8.83%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of deposit accounts with credit unions and financial cooperatives per 1,000 adults in the Philippines. It provides insights into the financial inclusion and access to basic banking services in the country.
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
The 'Use of Financial Services: Key Indicators, Deposit Accounts with Credit Unions and Financial Cooperatives Per 1000 Adults for Philippines' tracks the availability and usage of basic financial services, which is a key indicator of financial inclusion and economic development.
Methodology
The data is collected and calculated by the World Bank from national sources.
Historical Context
This trend is used by policymakers, economists, and financial institutions to assess financial access and guide policies aimed at promoting financial inclusion.
Key Facts
- The average number of deposit accounts per 1,000 adults in the Philippines was 196 in 2017.
- From 2004 to 2017, the number of deposit accounts per 1,000 adults grew by 84% in the Philippines.
- Access to basic financial services is a key driver of economic growth and poverty reduction.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of deposit accounts with credit unions and financial cooperatives per 1,000 adults in the Philippines. It provides insights into financial inclusion and access to basic banking services in the country.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the level of financial inclusion and access to basic financial services in the Philippines, which is a key driver of economic development and poverty reduction.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank from national sources.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and financial institutions to assess financial access and guide policies aimed at promoting financial inclusion in the Philippines.
Q: Are there update delays or limitations?
A: The data is updated annually, and there may be some delays in reporting from national sources.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Deposit Accounts with Credit Unions and Financial Cooperatives Per 1000 Adults for Philippines (PHLFCAODUANUM), retrieved from FRED.