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Auto Finance Market Is Expected To Grow At A CAGR Of 11.4% By 2027. Will The Philippines Auto Finance Market Stand On This Expected Figure? : Ken Research
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Increased use of online banking/mobile apps reflects a progressive shift towards digital payments. These online payment channels helped in weathering movement restrictions imposed by months of COVID-19 lockdown measures.
Adults who were uncomfortable using online platforms were worried about the possibility of losing money due to hacking and inadvertent transactions (i.e., transfer to wrong account). To address these concerns, FSPs are improving their security measures to ensure that users are shielded from fraudulent transactions.
Trends and Developments in https://www.kenresearch.com/industry-reports/philippines-auto-finance-market
2. Incentives provided for development and Deployment of Electric Vehicles in Philippines.
Electric Vehicle Industry Development Act (EVIDA) gave incentives to electrified vehicles pushing for lower to zero-emission vehicles as well as improving EV charging infrastructure network.
EV players consist of 54 manufacturers/importers, 11 parts manufacturers, and 18 dealers/traders. There are 19 charging stations, mostly in the main island of Luzon.
In 2018, there were about 7,000 registered EVs for local use in the country according to Land Transportation Office (LTO).
The Electric Vehicle Association of the Philippines (EVAP) forecasts an annual growth rate of 8-12% that will produce P1.68 B ($33.6 M) revenue from services and sales of 200,000 units by 2024.
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3. Major Regulatory Authorities & Associations
Bangko Sentral ng Pilipinas: The central monetary authority in charge of regulating money, banking and credit in the Philippines.
Bankers Association of the Philippines: A non-profit organization that frames rules and regulations in co-operation with the Central Bank that will help in efficiency and effectiveness of banking services.
Securities and Exchange Commission: The national government regulatory agency charged with supervision over the corporate sector, capital market participants, and securities and investment instruments market, and protection of the investing public.
For more insights on market intelligence, refer to the link below: -
https://www.kenresearch.com/industry-reports/philippines-auto-finance-market
Ken Research
Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.
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