The Philippines' digital lending market is projected to reach a billion-dollar value by the end of 2024, driven by the increasing popularity of digital credit sources among Filipinos. Both non-bank digital lenders and digital banks are expected to experience significant growth, with app downloads surging.
The digital lending market in the Philippines , comprising registered non-bank digital lenders and digital banks, is projected to reach significant growth. Digido Finance Corp. forecasts that non-bank digital lending will account for 55.2 percent ($556.5 million) while digital banks will hold a 44.8 percent ($451 million) share from January to June. This anticipated billion-dollar market size surpasses the $796 million projected for end-2024 and the $693 million recorded in 2023.
Both non-bank digital lenders and digital banks generated 58.9 million app downloads during the ten months of 2024. If current trends continue, Digido anticipates a total of approximately 73.5 million downloads by the end of 2024, representing a 56.4 percent increase from 2023. From 2013 to 2023, the Philippines' digital lending market has expanded at an average annual rate of 28 percent ($68 million). The growth is attributed to Filipinos increasingly turning to digital credit sources for financial management, coupled with government support for digitalization and initiatives aimed at expanding financial access. Digido Business Development Manager Rose Arreco expressed optimism about the market's continued growth, citing the accessibility it offers to underserved populations and the prevalence of Generation Z, a tech-savvy demographic receptive to financial technology innovations
Digital Lending Philippines Fintech Financial Technology Growth
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