The Philippines has seen phenomenal changes over the past several years, with the fastest gross domestic product (GDP) growth in Asia at 6% to 7%. The archipelago nation of over 100 million people spread across more than 7,000 islands is also projected to leapfrog in economy rankings from 39th largest in 2019 to potentially 12th largest by 2060.
As reported by Binance, the Philippine banking industry has also remained competitive and innovative on multiple fronts in order to cater to those in need of financial services for remittances and money transfers, although only 30% of Filipinos have access to banks, while 10% use credit cards.
Fintech solutions and remittance centers have emerged to take on this logistical challenge, giving rise to an estimated 23 million users of various e-money apps throughout the country. Meanwhile, over 20% of the e-money user base in the Philippines is served by crypto wallet apps, meaning about 5 million people in the country are already utilizing blockchain and cryptocurrency services.
The Philippines is currently making concerted moves in the adoption of fintech solutions, especially blockchain technology, despite the nation’s internet speeds being among the slowest in the region.
Virtual currency transactions doubled from US$189 million in 2017 to US$390 million in 2018, in spite of last year’s bear market. Analysts have attributed this increase in transaction volume to better awareness about blockchain services as well as the use of cryptocurrency as a viable remittance and payment solution.
The favorable playing field, in combination with a growing interest in crypto among Filipinos, has allowed many of the country’s blockchain supporters to continue their projects for adoption at various levels.
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