PH Banks Snub Growing Middle Class Market

The Philippines has been identified as one of the world’s largest greenfield markets for digital financial services— but local banks are not rising up to attain its true potential.

Banking penetration rate remains among the lowest in the region. Traditional financial institutions focus heavily on commercial lending, leaving a rapidly growing, increasingly affluent, and digitally savvy potential customer base with little access to financial services that meet their needs, consulting firm McKinsey & Company said in a report.