The Philippines’ digital lending market is projected to surpass USD 1 billion (approximately PHP 56.1 billion) by the second half of 2025, fueled by the growing adoption of online financial technologies, according to new analysis from Digido.
Non-bank digital lenders are expected to account for 55.2% of the market, or USD 556.5 million, while digital banks will comprise the remaining 44.8%, or USD 451 million.
This forecast marks a significant leap from the USD 796 million estimated for the end of 2024 and the USD 693 million recorded in 2023.
Between January and October 2024, non-bank digital lenders and digital banks generated 58.9 million app downloads, with the year-end total expected to reach 73.5 million—a 56.4% increase compared to 2023.
From 2013 to 2023, the market has grown at an average annual rate of 28%, equivalent to USD 68 million per year, highlighting the rapid digitalization of the country’s lending ecosystem.
“Our latest findings affirm the majority of Filipinos’ growing pivot towards digital sources of credit as part of their personal finance management,” said Rose Arreco, Digido’s business development manager.
She added, “This growth trend is also largely determined by the fact that a third of the country’s population is from Generation Z — a segment certainly ready to fully accept innovative solutions in the field of financial technologies for mobile applications.”
Digido noted that digital lending continues to be a crucial financial tool for underserved and underbanked consumers in the Philippines, with accessibility and progressive government policies supporting the sector’s growth.
The Bangko Sentral ng Pilipinas (BSP) has licensed six digital banks to ensure regulatory oversight, while non-bank digital lenders operate under the supervision of the Securities and Exchange Commission (SEC).
To address consumer needs, platforms like Digido offer instant and transparent financing solutions to help Filipinos manage their finances and participate in the formal digital ecosystem.
Services under Digido are funded by Digido Finance Corp., registered with the SEC and authorized under Certificate No. 1272.
Digido’s contributions to financial inclusion have earned recognition from international organizations, including the Global Retail Banking Innovation Awards, International Finance Awards, and Global Banking & Finance Review, among others.
