The digital lending market in the Philippines — consisting of duly registered non-bank digital lenders and digital banks — could exceed $1 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 $556.5 million during that timeframe. In comparison, digital banks make up 44.8% or $451 million.
The forecasted billion-dollar market size is considerably higher than the $796 million expected by the end of 2024 and the $693 million tallied in 2023.
During the ten months of 2024, non-bank digital lenders and digital banks generated 58.9 million app downloads. Should dynamics improve or maintain, Digido expects the total number of downloads for non-bank digital lenders and digital banks to reach approximately 73.5 million in 2024, 56.4% more than tallied in 2023.
From 2013 to 2023, the Philippines’ digital lending market grew at an average annual rate of 28% (or $68 million).
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 maintain their high growth rates given 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 accept innovative solutions in financial technologies for mobile applications fully,” Arreco added.
Services under the Digido platform are financed by Digido Finance Corp. with SEC Registration No. 202003056 and Certificate of Authority No. 1272.
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