Consumer loans acquired by Filipinos through the formal sector remain low, European financial services firm Allianz SE noted in its latest “Global Wealth Report.”
“In 2017, consumer loans increased by 17.2 percent. However, only 14 percent of the loans were borrowed from the formal sector, indicating a huge backlog demand in the coverage of financial services,” Allianz said in the report, which analyzed the asset and debt situation of households in over 50 countries.
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