The Philippine banking system is expected to sustain its growth over the next decade on the back of rapidly-growing prime-age population and increasing proportion of working people, global debt watcher Moody’s Investors Service said in a report Tuesday.
Moody’s analysis was contained in the recently released report on Asia Pacific banks authored by Christine Kuo, Moody’s senior vice president.
The report covers 17 banking systems in Asia Pacific that include Australia, Bangladesh, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Mongolia, New Zealand, the Philippines, Singapore, Sri Lanka, Taiwan, Thailand, and Vietnam.
Moody’s said rapid and divergent demographic changes in Asia Pacific would lead to opportunities for some banking systems in the region and challenges for others.
“Over the next decade, of the 17 banking systems in Asia Pacific, banks in Japan, Hong Kong, Korea and Taiwan, in particular, will face challenges from the effects of shrinking prime-age populations and declining proportions of working people,” Kuo said.
“By contrast, banks in India, Indonesia, and the Philippines will see growth opportunities in the same period from the effects of rapidly growing prime-age populations and increasing proportions of working people,” Kuo said.
