Name: Tax and Financial Services

Icon: /photos/committee/icon/13/icon-tax.png

Content: <p>The Philippine economy sustained its growth momentum having experienced a 6.3% increase in the 4th quarter of 2015, leading to a 5.8% year-on-year growth. Banks lead the sector with over 80% of the total industry assets and serve as a main source of credit in the economy making them the driving force in strengthening the country’s financial system.</p> <p>The Philippine banking system has recorded sustained growth in assets and deposits, while the country’s balance of payments (BOP) produced a surplus of €726 million in the 4th quarter which is higher than the previous year.</p> <p>By the 4th quarter of 2015, the total number of banks’ head offices slightly declined from 652 to 635 as a result of consolidation that encouraged the entry of bigger foreign players and caused the exit of weaker or smaller players.</p> <p>Growth in loans, financial assets, and equity investments increased the resources of the banking system by 7,4% to €239,4 billion as of December 2015, while the insurance industry generated over €3,32 billion in total premium income, up 29,7% from €2,56 billion in the same period a year ago.</p> <p>The insurance industry’s income from life and non-life premiums generated about €4,5 billion last year. This strong growth is expected to be sustained as regulators forecast premium income to expand by 28% to €5,78 billion in 2016. There are at least 26 life and 71 non-life insurance companies in the Philippine insurance industry.</p> <p><a href=";id=11">Click here to download A Brief Overview of the Philippine Financial Services Industry »</a></p>

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