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12:00 pm on 30 October 2022, Sunday
By: Romeo Braceros Jr.
According to a credit score and reporting service, Filipinos continue to view credit as a means of battling inflationary pressures.
According to TransUnion's most recent Consumer Pulse Survey, almost all respondents agreed that access to credit and lending products is crucial for achieving financial goals.
Furthermore, 56% of respondents said they planned to apply for new credit or refinance existing credit within the following year.
Moreover, half of Filipinos, or 54%, said they planned to apply for new credit within the next year, and 41% said they would do so to deal with inflationary pressure.
In the coming year, 63% of millennials and 60% of Gen Z respondents across all generations said they want to apply for new credit or refinance existing credit.
Additionally, more consumers reported using a payday loan in the previous year as Filipinos lament slow income growth (18% in the first quarter compared to 14% in the second quarter of 2022).
"As more Filipinos' financial literacy improves, TransUnion is optimistic that more people will have the knowledge and tools they need to make responsible financial decisions, particularly when economic indicators reveal a stressed environment," said Pia Arellano, president, and chief executive officer of TransUnion Philippines.