Philippines Banking & Financial Services Q2 2020
Against the backdrop of a steady rebound in forecast economic growth and monetary policy loosening we continue tohold a positive view on the Filipino banking and financial services sector. While our forecasts have remained largely intact within theextension of our forecast period to 2024 in this update, with the exception of an upwards revision to banking sector assetgrowth and a downward revision to client loan growth, the risk factors have changed. The banking sector, within which penetrationremains low, faces a slight worsening of asset quality and a threat to profits within monetary loosening since our last update. Politicaland security environment headwinds remain an ongoing threat to all four sectors we track. However, both segments of theinsurance market and the expanding asset management industry are set to continue benefiting from rising household incomes andan expanding middle class. Furthermore, the country's underdeveloped but growing stock exchange market remains susceptible tothe slowdown and deteriorating business environment.
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