1. 60% of the mobile and internet users had an online financial transaction in the past and accounts with NGOs and cooperatives were primarily transacted over-the-counter (OTC).
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- Increased use of online banking/mobile apps reflects a progressive shift towards digital payments. These online payment channels helped in weathering movement restrictions imposed by months of COVID-19 lockdown measures.
- Adults who were uncomfortable using online platforms were worried about the possibility of losing money due to hacking and inadvertent transactions (i.e., transfer to wrong account). To address these concerns, FSPs are improving their security measures to ensure that users are shielded from fraudulent transactions.
Trends and Developments in Philippines Auto Finance Market
2. Incentives provided for development and Deployment of Electric Vehicles in Philippines.
- Electric Vehicle Industry Development Act (EVIDA) gave incentives to electrified vehicles pushing for lower to zero-emission vehicles as well as improving EV charging infrastructure network.
- EV players consist of 54 manufacturers/importers, 11 parts manufacturers, and 18 dealers/traders. There are 19 charging stations, mostly in the main island of Luzon.
- In 2018, there were about 7,000 registered EVs for local use in the country according to Land Transportation Office (LTO).
- The Electric Vehicle Association of the Philippines (EVAP) forecasts an annual growth rate of 8-12% that will produce P1.68 B ($33.6 M) revenue from services and sales of 200,000 units by 2024.
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3. Major Regulatory Authorities & Associations
Bangko Sentral ng Pilipinas: The central monetary authority in charge of regulating money, banking and credit in the Philippines.
Bankers Association of the Philippines: A non-profit organization that frames rules and regulations in co-operation with the Central Bank that will help in efficiency and effectiveness of banking services.
Securities and Exchange Commission: The national government regulatory agency charged with supervision over the corporate sector, capital market participants, and securities and investment instruments market, and protection of the investing public.
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Philippines Auto Finance Market
