Manila: Filipinos' credit perception index (CPI) score rose to its highest level since 2023, mainly driven by gains in favorability, product trust and knowledge, information and insights, company TransUnion Philippines said. In a report released Wednesday, TransUnion said the CPI score of the general population went up from last year's 73 to 75 out of 100 this year, making it the highest recorded since the study was launched in 2023. The CPI is an annual study aimed to better understand how Filipinos perceive and engage with credit, including the factors that influence their attitudes, behaviors and financial decisions, with the goal of supporting broader financial inclusion in the Philippines.
According to Philippines News Agency, the 2026 study surveyed 1,000 consumers from May 6-26, 2026, to assess Filipinos' current attitudes and future openness to credit, examining their knowledge, trust and favorability toward credit and other financial products. TransUnion said the increase in CPI score was mainly driven by improvements in favorability (67 from 63), product trust (77 from 74) and product knowledge (69 from 66).
'What stands out this year is that confidence in credit continued to improve even as consumers faced a more challenging economic environment,' Peter Faulhaber, President and Chief Executive Officer of TransUnion Philippines, said. 'With household budgets remaining under pressure, we might have expected consumers to become more hesitant. Instead, we're seeing greater trust, familiarity and willingness to engage with formal financial products. That signals a maturing credit market and creates new opportunities to expand access responsibly.'
The latest survey showed improvement in the country's credit market, with more Filipinos accessing online credit providers to address their needs, and borrowings are being used primarily for emergency needs, and not just irresponsible buys. Survey results indicated that the top five reasons respondents took out loans were emergency expenses, 59 percent; personal expenses, 50 percent; family expenses, 45 percent; utility bills, 36 percent; and education, 29 percent.
'Emergency expenses being top is actually a good sign. I think if there were more discretionary items at the top, that would concern us more because that would show us that education and the important uses of credit are not necessarily where we want them to be. So for us, we see that as a positive sign,' Faulhaber said in a briefing. He said that while more people still turn to loans to provide for their needs, most survey respondents this year -around 86 percent- plan to save more, up from 84 percent last year.
The survey also showed that 73 percent of respondents plan to access more educational materials to improve their finances, up from 68 percent last year. 'We actually see that as an important step in terms of maturing,' Faulhaber added. TransUnion's report said borrowing preferences continued to shift toward formal financial institutions. Future borrowing intent increased most for digital banks (22 percent from 11 percent), followed by traditional banks (34 percent from 26 percent) and credit cards (43 percent from 37 percent).
The intent to borrow from family and friends declined by 11 percentage points to 45 percent, reaching its lowest level since 2023. Electronic wallets (eWallets), meanwhile, remained the most widely held product, with 46 percent of Filipinos reporting eWallets as their first financial product. TransUnion said that looking ahead, sustaining positive credit perceptions and supporting further adoption in the Philippines will require continued effort to build consumer knowledge and trust.
'Our Credit Perception Index underscores an important reality: consumers are increasingly seeking access to formal and digital financial services, but broader financial inclusion requires a coordinated effort to provide clear product information, strengthen financial education and safeguard consumer protection,' Faulhaber said. 'At its core, financial inclusion begins with information inclusion. Through responsible data sharing, we can help more consumers access the formal financial system and enable lenders to make better-informed decisions, paving the way for a more inclusive and financially resilient Philippines.'
