PH · Country summary
Philippines
Last updated: 28 Sep 2026
Inflation was 6.1% in August and unemployment 6.0% in July; banks' consumer-loan NPL ratio rose to 5.49% as consumer loan growth slowed to 17.1%.
Key indicators and definitions
| Indicator | Value | Definition and scope | Basis date | Source | Definition and source |
|---|---|---|---|---|---|
| Headline CPI inflation (PSA) | 6.1%down from 6.2% in July; fourth consecutive monthly slowdown | Year-on-year change in the consumer price indexPhilippines, national | 31 Aug 2026 | GMA News: Inflation slows down for fourth straight month at 6.1% in August | Definition and sourceYear-on-year change in the consumer price index Scope: Philippines, national Source: GMA News: Inflation slows down for fourth straight month at 6.1% in August |
| Unemployment rate (PSA) | 6.0%Labor Force Survey. | Unemployed persons as a share of the labour forcePhilippines, national | 31 Jul 2026 | PSA: Number of Employed Persons Rose to 49.21 Million as Underemployment Declined in July 2026 | Definition and sourceUnemployed persons as a share of the labour force Scope: Philippines, national Source: PSA: Number of Employed Persons Rose to 49.21 Million as Underemployment Declined in July 2026 |
| Consumer loan growth | 17.1%down from 17.8% in June; eleventh consecutive monthly slowdown | Year-on-year growth of outstanding household (consumer) loansUniversal and commercial banks | 31 Jul 2026 | Philstar: Credit growth rebounds to 2-month high in July | Definition and sourceYear-on-year growth of outstanding household (consumer) loans Scope: Universal and commercial banks Source: Philstar: Credit growth rebounds to 2-month high in July |
| Consumer loan NPL ratio | 5.49%up from 5.44% in June | Non-performing consumer loans as a share of consumer loans (BSP data)Philippine banking system | 31 Jul 2026 | Inquirer: Bad loans up amid continuing consumer strain (2026-09-09) | Definition and sourceNon-performing consumer loans as a share of consumer loans (BSP data) Scope: Philippine banking system Source: Inquirer: Bad loans up amid continuing consumer strain (2026-09-09) |
Latest T&S View
2026-09-28
T&S View: In Philippine household credit, check quality before chasing the demand rebound
- Consumer confidence has improved, but unemployment and the consumer-loan NPL ratio have risen.
- In our view, as growth slows, arrears on earlier lending tend to surface as higher ratios.
- We believe lenders should review underwriting and collections before responding to a demand recovery.
Articles
- Data as of 2026-09-27Credit
Loan-officer-named SMS reminders cut arrears only for repeat borrowers (2009–10 RCT)
A randomised trial in Philippine microfinance (2009–2010) tested SMS repayment reminders.
- Data as of 2026-09-26Macro & households
Philippine consumer confidence improves to −29.8% in Q3 2026 but stays negative
BSP's consumer confidence index for July–September was −29.8% (up from −42.0% in Q2 2026).
- Data as of 2026-09-26T&S View
T&S View: In Philippine household credit, check quality before chasing the demand rebound
Consumer confidence has improved, but unemployment and the consumer-loan NPL ratio have risen.
- Data as of 2026-09-24Competition & capital
GCash operator Mynt secures more than 20 cornerstone investors for its IPO
Mynt secured PHP 36.5 bn from more than 20 cornerstone investors, about 68.8% of the base offer.
- Data as of 2026-09-21Regulation
BSP Circular 1240 sets PHP 1 bn capital floor for digital-centric smaller banks
BSP Circular No. 1240, dated 21 September, tightens rules on thrift, rural and cooperative banks operating digital-style models.
- Data as of 2026-09-18Macro & households
BSP survey: 48% of Filipino adults find emergency funds very hard to raise
In BSP's 2025 Consumer Finance and Inclusion Survey, 48% of adults said raising emergency funds would be very difficult.
- Data as of 2026-09-09Credit
Philippine banks' consumer-loan NPL ratio rises to 5.49%
The banking system NPL ratio was 3.35% in July (up from 3.29% in June); NPLs totalled about PHP 585 bn.
- Data as of 2026-09-09Competition & capital
SSS's low-rate LoanLite micro-loan goes live on a digital bank app
The Social Security System's LoanLite is now available through the UnionDigital Bank app.
- Data as of 2026-09-08Macro & households
Philippine consumer loan growth slows to 17.1%, an eleventh straight monthly slowdown
Universal and commercial bank loans rose 10.4% year on year to PHP 14.98 trn in July.
- Data as of 2026-09-08Macro & households
Philippine July unemployment at 6.0%, up year on year; underemployment falls
The July unemployment rate was 6.0% (up from 5.3% in July 2025); unemployed persons totalled 3.14 million.
- Data as of 2026-09-04Macro & households
Philippine inflation eases to 6.1% in August, still well above target
August CPI inflation was 6.1% year on year (down from 6.2% in July; fourth consecutive monthly slowdown), per PSA data.