?” If you ask the average Filipino, credit still brings with it a negative stigma of financial irresponsibility – something the finance industry wants to debunk in the name of making financial services accessible to more people.
But despite this perception, there is still a strong demand for credit in the Philippines – something that was not affected by the country’s struggle with high inflation. It’s the same problem with credit cards, which have been one of foundational forms of credit, with just 25% of the population making use of them. And even when there’s growth in this segment, it’s only within the same group of people who have already gotten cards before.
This means that negative experiences within their social circle can greatly affect how they perceive credit. And because some Filipinos may not be referring to trusted social media accounts, they also become vulnerable to misinformation or disinformation about credit products. This is particularly true for those who are unbanked, or those who do not or cannot use the services and products of the traditional financial system.
After that, users can look to build their credit score, a metric used by banks and other financial service providers to decide the kind of products offered to consumers. A good credit score can also come with a more favorable interest rate.
Source: Loan Digest (loandigest.net)
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