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Philippine Double Digit Growth to Attract Investors- Ken Research
The year 2016 was a great period for Philippines in the field of consumer lending which recorded a
massive growth. The presidential elections in 2016 led to political stability and consumers had more
confidence to take consumer loans. When the global market was highly volatile, consumer lending in
the Philippines was an attractive destination with its strong consistently growing economic and
financial systems that operate in a safe and sound approach.
The new government has focussed on tax system and introduced a tax reform program that helped
the country’s economic growth with respect to consumer lending. The World Bank signified that the
Philippine financial market system will grow rapidly due to its consumer confidence and
transparency of building regulations. According to research report “ Consumer Lending in the
Philippines”, country’s robust banking system is crucial in the consumer lending field where it
ensures stability and rapid growth in the country’s economy. Thus, the Filipinos are now more
confident to take more loans from the retail banks for automobile or domestic purpose.
The rapid growth in Philippine domestic economy has created more jobs which washed out poverty
to some extent. The recent economic developments in Philippines was somewhat driven by the
presidential elections. The fixed capital investment rose to 25.6%. There were vast opportunities in
the field of construction, manufacturing and service sectors.