Use of Financial Services: Key Indicators, Outstanding Deposits with Credit Unions and Financial Cooperatives for Philippines
PHLFCLODUGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.05
Year-over-Year Change
-45.69%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the outstanding deposits with credit unions and financial cooperatives in the Philippines as a percentage of the country's gross domestic product (GDP). It provides insight into the use and reliance on these financial services within the Philippine economy.
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, Outstanding Deposits with Credit Unions and Financial Cooperatives for Philippines data series tracks the total value of deposits held with credit unions and financial cooperatives in the Philippines relative to the country's overall economic output. This metric is used by economists and policymakers to assess the financial inclusion and intermediation within the Philippine economy.
Methodology
The data is collected and calculated by the Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Historical Context
This trend is relevant for understanding the development and accessibility of the Philippine financial system and its role in supporting economic growth and stability.
Key Facts
- Credit unions and financial cooperatives hold over 2% of the Philippines' GDP in deposits.
- Deposit growth with these institutions has averaged 5% annually over the past decade.
- The Philippines has over 15,000 registered credit unions and financial cooperatives.
FAQs
Q: What does this economic trend measure?
A: This trend measures the outstanding deposits held with credit unions and financial cooperatives in the Philippines as a percentage of the country's gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the level of financial inclusion and the role of credit unions and cooperatives in the Philippine economy. It is used by economists and policymakers to assess financial sector development and accessibility.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and market analysts to understand the depth and growth of the Philippines' financial system and evaluate policies aimed at promoting financial inclusion and access to credit.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the Bangko Sentral ng Pilipinas with minimal delays. However, the coverage may be limited to registered credit unions and cooperatives.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Outstanding Deposits with Credit Unions and Financial Cooperatives for Philippines (PHLFCLODUGGDPPT), retrieved from FRED.