The Philippines financial sector remains strong. Banking is driven by increasing consumer spending, remittances and technology use.
Financial and Professional Services sectors in
The Philippines financial sector remains strong. Banking is driven by increasing consumer
spending, remittances and technology use. Partnership opportunities also exist for professional
services firms, especially around PPP.
Banking and Finance
The Philippine banking sector has remained strong despite the global crisis. The past year was
characterised by increased deposits and lending, high capital adequacy ratios, and growth of the
banking system’s total resources.
Retail banking is active with the growth of consumer loans including credit card usage, the
continuous stream of remittances from overseas workers (est. £12 billion in 2011), and the
increasing use of technology with the recognition of the need for e-banking for increased
financial access. Islamic banking is a niche segment that has potential for development.
Asian Development Bank
The Asian Development Bank (ADB) established its headquarters in Manila in 1966. With core
areas of operation in environment, education, infrastructure (transport, energy, water, and urban
development), finance and regional integration, the bank offers multi-sector project opportunities
across the region.
The Philippines does not allow foreign ownership in the practice of professions such as
accounting and law. Firms providing professional services such as advisory and general
consultancy can partner with local companies for projects, whether with the government, private
sector or multilateral agencies.
General opportunities include:
ξ Supply of banking products, services and solutions, including those with retail banking
ξ Training and accreditation for finance professionals
ξ Partnership with local firms to provide advisory / consulting services to local companies
for infrastructure/PPP projects
ξ Accreditation with the Asian Development Bank (ADB) for provision of goods and
consultancy services for regional projects.
Latest export opportunities in the Financial & Professional Services sector
Latest export opportunities in the Philippines
Getting into the market
ξ Doing business in the Philippines is highly relational. Formal and personal introductions
to clients would be a preferred way to enter the market, as would partnerships with
established local companies. English is the language of business in the Philippines.
Experience of doing business in South East Asia is also an advantage.
ξ Supply of financial products and services is commonly done through a local agent or
distributor, to leverage on their existing networks and knowledge of regulations. Direct
procurement is also accepted in the private sector.
ξ For government projects, public procurement is a key route, and with a Philippine
partner. Price is a key consideration in order to remain competitive.
More about doing business in the Philippines
Market intelligence is critical when doing business overseas, and UKTI can provide bespoke
market research and support during overseas visits though our chargeable Overseas Market
Introduction Service (OMIS).
To commission research or for general advice about the market, get in touch with our specialists
in country - or contact your local international trade team.
ξ Joyce Guzon-Tolentino, British Embassy Manila. Tel: +632 858 2263 or email:
ξ April Gonzales Cheng, Tel: +632 858 2210 or email: firstname.lastname@example.org.
Contact your local international trade team
UKTI runs a range of events for exporters, including seminars in the UK, trade missions to
overseas markets and support for attendance at overseas trade shows.
Latest events in the Financial & Professional Services sector
Latest events from the Philippines
Asian Development Bank Business Opportunities Fair, March 2013
More about OMIS and other UKTI services for exporters