Insurance and financial services in Philippines
Philippines: Insurance and financial services was 10.7% in 2025. ◆ Volatile
Insurance and financial services in Philippines, 1977–2025
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
The most recent figure for insurance and financial services in Philippines is 10.7%, measured in 2025.
The figure is down 1.8% on the previous year and up 86.3% over ten years.
Over the whole period, insurance and financial services in Philippines peaked at 13.2% in 2008 and was at its lowest, 0.4%, in 1998.
Philippines ranks 44th of 197 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Philippines, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1977 | 1.4% | — |
| 1978 | 1.1% | -19.4% |
| 1979 | 1.0% | -9.4% |
| 1980 | 0.8% | -17.5% |
| 1981 | 1.0% | +18.1% |
| 1982 | 0.7% | -29.0% |
| 1983 | 0.5% | -28.4% |
| 1984 | 0.6% | +21.7% |
| 1985 | 0.7% | +16.6% |
| 1986 | 2.3% | +225.1% |
| 1987 | 2.9% | +27.2% |
| 1988 | 3.1% | +4.7% |
| 1989 | 3.3% | +5.9% |
| 1990 | 3.4% | +5.3% |
| 1991 | 2.6% | -23.1% |
| 1992 | 3.2% | +21.8% |
| 1993 | 3.0% | -5.7% |
| 1994 | 2.2% | -28.1% |
| 1995 | 1.6% | -27.5% |
| 1996 | 0.9% | -46.0% |
| 1997 | 0.8% | -8.2% |
| 1998 | 0.4% | -45.5% |
| 1999 | 3.4% | +686.3% |
| 2000 | 3.6% | +8.4% |
| 2001 | 3.8% | +5.0% |
| 2002 | 4.5% | +18.1% |
| 2003 | 4.4% | -2.6% |
| 2004 | 4.7% | +8.2% |
| 2005 | 3.6% | -23.9% |
| 2006 | 4.7% | +29.9% |
| 2007 | 5.9% | +24.7% |
| 2008 | 13.2% | +124.5% |
| 2009 | 10.9% | -17.3% |
| 2010 | 9.5% | -13.1% |
| 2011 | 10.1% | +6.7% |
| 2012 | 8.1% | -19.5% |
| 2013 | 6.9% | -15.2% |
| 2014 | 5.7% | -16.8% |
| 2015 | 5.8% | +0.6% |
| 2016 | 8.0% | +38.6% |
| 2017 | 7.8% | -2.9% |
| 2018 | 7.7% | -0.5% |
| 2019 | 8.7% | +12.8% |
| 2020 | 11.0% | +26.1% |
| 2021 | 11.8% | +7.1% |
| 2022 | 12.0% | +2.0% |
| 2023 | 12.2% | +1.1% |
| 2024 | 10.9% | -10.0% |
| 2025 | 10.7% | -1.8% |
Philippines compared with similar countries
- Philippines's 10.7% is above the median for upper middle income countries, which is 6.3%, 1.7× the median. (55 countries reporting)
- Philippines's 10.7% is above the median for East Asia & Pacific, which is 5.2%, 2.1× the median. (32 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Philippines changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1999 | +686.3% | 0.4% | 3.4% |
| 1986 | +225.1% | 0.7% | 2.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.2% | 1.0% | 1.4% | 3 |
| 1980s | 1.6% | 0.5% | 3.3% | 10 |
| 1990s | 2.1% | 0.4% | 3.4% | 10 |
| 2000s | 5.9% | 3.6% | 13.2% | 10 |
| 2010s | 7.8% | 5.7% | 10.1% | 10 |
| 2020s | 11.4% | 10.7% | 12.2% | 6 |
Countries ranked near Philippines
More private sector data for Philippines
- Merchandise trade 46.2% (2025)
- Food imports 15.0% (2024)
- Manufactures imports 65.2% (2024)
- Merchandise imports 141.20 billion current US$ (2025)
- Food exports 10.4% (2024)
- Manufactures exports 77.2% (2024)
- Merchandise exports 83.72 billion current US$ (2025)
- Merchandise exports (current US$), per capita 716.89 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.1719 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 14.71 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Philippines?
- Insurance and financial services in Philippines was 10.7% in 2025, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Philippines?
- The highest recorded value was 13.2% in 2008.
- What is the lowest insurance and financial services recorded in Philippines?
- The lowest recorded value was 0.4% in 1998.
- How does Philippines rank for insurance and financial services?
- Philippines ranks 44th out of 197 countries with data for 2025.
- Is insurance and financial services rising or falling in Philippines?
- Over the last ten years it is up 86.3%. The long-run trend across the full record is volatile.
- Where does this Philippines data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of commercial service imports). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 49 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Financial services covers services related to financial intermediation, financial risk management, liquidity transformation or auxiliary financial activities. It also includes insurance and pension scheme services which are services related to providing life insurance and annuities, non-life insurance, reinsurance, pensions, standardised guarantees and auxiliary services to insurance, pension schemes, and standardised guarantee schemes. This indicator is expressed as a percentage of service imports which are commercial services provided by non-residents to residents.