THE Philippines digital lending market is seen to exceed the USD1 billion mark in the second half the year, a new study of a licensed online lender showed.
Digido projected that there will be an accelerated pace in the expansion of digital lending in the country amid the growth of adoption of online technologies among consumers.
It said the market for non-bank digital loans in the Philippines amounted to USD693 million in 2023 and climbing to around USD796 million in 2024.
âOur latest findings affirm the majority of Filipinosâ growing pivot towards digital sources of credit as part of their personal finance management,â it said.
The study revealed that of the USD1 billion digital loans by H2 2025, 55 percent or USD556.5 million will be served by non-bank digital lenders, while digital banks will make up 45 percent or USD451 million.
âWe are optimistic that these lending segments will be able to maintain their high growth rates in view of its accessibility for the financially underserved, progressive government support and various projects promoting further digitalization,â an official of the online lender said.
It added that since one-third of the countryâs population is from Generation Z, the market is now more ready to accept innovative solutions in the financial technologies. (PNA)
