Insurance and financial services in Philippines
Philippines: Insurance and financial services was 10.6% 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 service imports, BoP.
Analysis
The most recent figure for insurance and financial services in Philippines is 10.6%, measured in 2025.
That represents a change of down 1.8% on the previous year and up 86.0% over ten years.
Over the whole period, insurance and financial services in Philippines peaked at 12.9% in 2008 and was at its lowest, 0.4%, in 1998.
Philippines ranks 42nd 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 service imports, BoP | Change |
|---|---|---|
| 1977 | 1.3% | — |
| 1978 | 1.0% | -22.2% |
| 1979 | 0.9% | -6.8% |
| 1980 | 0.8% | -18.0% |
| 1981 | 0.9% | +20.2% |
| 1982 | 0.7% | -28.4% |
| 1983 | 0.5% | -29.9% |
| 1984 | 0.6% | +27.0% |
| 1985 | 0.7% | +18.0% |
| 1986 | 2.3% | +225.3% |
| 1987 | 2.9% | +26.9% |
| 1988 | 3.1% | +7.0% |
| 1989 | 3.2% | +4.5% |
| 1990 | 3.4% | +4.8% |
| 1991 | 2.6% | -22.2% |
| 1992 | 3.2% | +23.1% |
| 1993 | 3.0% | -6.1% |
| 1994 | 2.2% | -27.9% |
| 1995 | 1.6% | -27.5% |
| 1996 | 0.8% | -46.1% |
| 1997 | 0.8% | -8.2% |
| 1998 | 0.4% | -45.4% |
| 1999 | 3.3% | +676.3% |
| 2000 | 3.6% | +8.5% |
| 2001 | 3.8% | +5.2% |
| 2002 | 4.5% | +18.5% |
| 2003 | 4.4% | -2.3% |
| 2004 | 4.7% | +7.8% |
| 2005 | 3.6% | -24.0% |
| 2006 | 4.6% | +29.4% |
| 2007 | 5.8% | +24.5% |
| 2008 | 12.9% | +124.1% |
| 2009 | 10.6% | -17.7% |
| 2010 | 9.2% | -13.2% |
| 2011 | 9.8% | +6.8% |
| 2012 | 8.0% | -19.2% |
| 2013 | 6.8% | -14.8% |
| 2014 | 5.6% | -16.7% |
| 2015 | 5.7% | +1.1% |
| 2016 | 7.9% | +38.0% |
| 2017 | 7.7% | -2.5% |
| 2018 | 7.6% | -1.3% |
| 2019 | 8.6% | +12.9% |
| 2020 | 10.8% | +25.7% |
| 2021 | 11.5% | +7.3% |
| 2022 | 11.8% | +2.6% |
| 2023 | 12.0% | +1.4% |
| 2024 | 10.8% | -10.0% |
| 2025 | 10.6% | -1.8% |
Philippines compared with similar countries
- Philippines's 10.6% is above the median for upper middle income countries, which is 6.2%, 1.7× the median. (55 countries reporting)
- Philippines's 10.6% is above the median for East Asia & Pacific, which is 4.9%, 2.2× 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 | +676.3% | 0.4% | 3.3% |
| 1986 | +225.3% | 0.7% | 2.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 1.1% | 0.9% | 1.3% | 3 |
| 1980s | 1.5% | 0.5% | 3.2% | 10 |
| 1990s | 2.1% | 0.4% | 3.4% | 10 |
| 2000s | 5.8% | 3.6% | 12.9% | 10 |
| 2010s | 7.7% | 5.6% | 9.8% | 10 |
| 2020s | 11.3% | 10.6% | 12.0% | 6 |
Countries ranked near Philippines
More economy & growth data for Philippines
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 4.98 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 6.4 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 1.60 billion BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0033 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita 13.72 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 7.79 billion BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual -17.1 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.016 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita 66.71 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 4.46 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Philippines?
- Insurance and financial services in Philippines was 10.6% 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 12.9% 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 42nd 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 86.0%. 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 service imports, BoP). Statizoid updates them automatically from the source API.
Download this data
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About this data
Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents. This indicator is expressed as a percentage of service imports which are services provided by non-residents to residents.