Preference for electronic wallets (e-wallets) is fast catching up with hard cash among Filipinos while credit cards remained low despite long standing presence in the Philippines, according to a new study. ManilaBulletin
The TransUnion inaugural Credit Perception Index study seeks to measure Filipino perceptions towards credit, factors contributing to their perceptions and what these mean to the nation as a whole.
As a result, the TransUnion CPI for the Philippines currently stands at 65 out of 100. The CPI factors in how Filipinos see credit across multiple dimensions, including their current attitudes, knowledge, trust, favorability, and future receptivity. “Improving financial literacy among our fellow Filipinos is a major step in fostering a more inclusive financial ecosystem in the country,” said Pia Arellano, president and CEO of TransUnion Philippines.
According to the study, the biggest gaps between the unbanked segment and the population as a whole are related to credit knowledge, as well as trust and favorability. Among the unbanked respondents, 58 percent said they understand the general concept of credit. Many also believe that these borrowers will eventually acquire unmanageable amounts of debt or will go to jail if they do not pay their debts . Despite these perceptions, there is still a high level of reliance on informal credit rather than on formal credit systems. Nearly three quarters of Filipinos turn to family and friends to borrow money, and the percentage goes even higher to reach 78% among the unbanked population.
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