Filipinas are 'pragmatic' borrowers, int'l financial group says

Filipinas are 'pragmatic' borrowers, int'l financial group says

MANILA, Philippines — Filipino women are pragmatic borrowers likely to close existing liabilities within five to 15 days, a recent financial study reported.

International financial group Robocash conducted the study in India, Indonesia, Vietnam and the Philippines to outline the correlation of the terms of loans and the gender of those taking them per country. The study, however, did not provide details on its methodology.

It found that Filipinas are reportedly more inclined to consume and settle loans immediately as shown by 70% of women online borrowers in the Philippines who preferred to settle liabilities within a five to 15-day period.

Sixty-eight percent of women online borrowers in the country also use the internet for shopping, earnings and other financial transactions.

The study also emphasized that due to the Philippines’ archipelagic layout, Filipino borrowers have low access to banks. However, this gives women more independence to cover for their own financial needs in their own terms.

In India, Indonesia and Vietnam, male borrowers are the majority who opt to pay their loans within 22 to 30 days, with 87%, 58% and 72%, respectively.

Among the four countries, the Philippines has the highest internet reach with 76 million active users.

In January 2019, 57% of the 76 million active internet users in the Philippines engaged in mobile commerce platforms, according to social network research company We Are Social.

Despite India’s 1.339 billion population, the highest of the four, it only has 41% internet penetration or 560 million active internet users.

Only 319.2 million internet users in India engage in mobile banking. — intern Blanch Marie Ancla