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Philippines Country Report

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  • Published Date: February 2018 – Update to be published April 2021

A comprehensive overview of the cards, payments and consumer banking market in Philippines.


  • Financial inclusion remains low in the Philippines with only around a third of adults having a bank account.
  • The central bank launched the National Retail Payment System (NRPS) in December 2015, aiming to increase the proportion of electronic payments carried out in the country from one per cent to 20 per cent by 2020.
  • Initiatives such as consolidation of the country's three ATM networks into one are making payments interoperable and more user-friendly.
  • Consumer indebtedness is low by international standards. Total consumer credit as a percentage of personal disposable income stood at 13.4 per cent at the end of 2017.
  • In mid-2017, the country introduced regulations for the credit card industry. Prior to this, credit card issuers and acquirers were not subject to any specific laws.
  • The Credit Card Association of the Philippines (CCAP) launched the 'Inter-bank Debt Relief Programme' (IDRP) in 2016 to assist financially distressed cardholders and to recover unpaid debt.
  • Credit card penetration has hovered between 11 and 13 per cent since 2011. This subdued growth is due to the lack of eligible customers beyond this cohort.
  • Debit and ATM cards are widespread in the market but are used almost exclusively to withdraw cash. The population of 70 million adults made fewer than 30 million purchase transactions between them in 2017.
  • Mobile money services are popular in the country. There were an estimated 40 million registered accounts, representing a penetration rate of 57 per 100 adults.
  • A joint-venture between BPI and Global Payments is the leading merchant acquirer. The main competition comes from issuing banks such as Metrobank and BDO.

Philippines Payments Research | Report Contents

Demographics and Economy:
Outlines the key metrics and trends which influence the development of retail banking and payments in the country:

  • Population structure
  • Income
  • Mobile and internet us
  • Economic data

Retail Banking:
Explores the structure of the local banking system, its infrastructure and the leading players. Data includes:

  • Aggregate retail banking indicators
  • Bank branch, ATMs and POS terminals
  • The profitability of top banks

Consumer Finance:
Overview of consumer finance in the country. Categories analysed include:

  • Mortgage loans
  • Personal loans
  • Credit card loans
  • Vehicle loans

Credit Cards:
Industry-leading credit card coverage. We detail the past present and future of the industry through our credit card data and commentary, including:

  • Market size split by consumer and commercial credit cards: number of cards, transaction volume, billed volume
  • Profit pool analysis
  • Competitive landscape: networks, issuers

Debit Cards:

  • Market size: number of cards, transaction volume, billed volume
  • Competitive landscape: networks, issuers

Prepaid Cards:

  • Market size: number of cards, transaction volume, billed volume


Verisk financial reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in the Asia Pacific region. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and finance experts.

See more Asia-Pacific Country Reports or explore the full range of cards and payments reports available for 72 markets worldwide.

To find out more or to discuss subscription options, please email: research_enquiries@verisk.com or telephone: +44(0)20 7337 4200.