The digital lending market in the Philippines — consisting of duly registered non-bank digital lenders and digital banks — could exceed USD1-billion in the second half of 2025, with the likelihood of growth at an accelerated pace due to the high demand for online technologies from consumers.
A new analysis from Digido revealed that in terms of market structure, non-bank digital lenders are expected to make up 55.2% or USD556-million during that timeframe, while digital banks make up 44.8% or USD451-million.
The forecasted billion-dollar market size is considerably higher than the USD796-million expected by end-2024 and USD693-million tallied in 2023.
During the ten months of 2024, both non-bank digital lenders and digital banks generated 58.9 million app downloads. Should dynamics improve or be maintained, Digido expects the total number of downloads for both non-bank digital lenders and digital banks to have reached approximately 73.5 million in 2024, 56.4% more than tallied in 2023.
From 2013 to 2023, the Philippines’ digital lending market has been growing at an average of 28% (or USD68-million) per year.
Commenting on the findings, Digido business development manager Rose Arreco said, “Our latest findings affirm the majority of Filipinos’ growing pivot towards digital sources of credit as part of their personal finance management. We are optimistic that these lending segments will be able to maintain their high growth rates in view of its accessibility for the financially underserved, progressive government support, and various projects promoting further digitalization.”
“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,” Arreco added.
Services under the Digido platform are financed by Digido Finance Corp. with SEC Registration No. 202003056 and Certificate of Authority No. 1272.
Digido’s trusted services have been lauded by the Global Retail Banking Innovation Awards, International Finance Awards, World Business Outlook Awards, International Business Magazine Awards, Pan Finance Awards, The Global Economics Awards, the Global Banking & Finance Review and the Global Financial Market Review. The digital lending market in the Philippines — consisting of duly registered non-bank digital lenders and digital banks — could exceed USD1-billion in the second half of 2025, with the likelihood of growth at an accelerated pace due to the high demand for online technologies from consumers.