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April 12, 2024

The rise of digital lending: Filipinos embrace innovative financial solutions

Filipinos are increasingly turning to digital lending solutions, with 59% prioritizing these options as highlighted by a recent survey by fintech firm Tala indicating a growing demand for innovative financial services.

“This shift towards digital alternatives demonstrates the need for flexible and reliable financial tools that empower Filipinos to navigate unforeseen circumstances,” remarked Iona Iñigo-Mayo, senior director for global customer experience operations at Tala.

“As a pioneer in the digital lending space, Tala is dedicated to providing responsible and accessible credit solutions that aid Filipinos in achieving their financial objectives,” Mayo added.

The survey also revealed the financial challenges confronted by Filipinos in the current economic climate. Approximately 84 percent of respondents feel the impact of inflation, with 59 percent citing escalating living expenses as their primary financial hurdle.

Moreover, unforeseen medical costs and seasonal expenditures exacerbate financial strain, with 38 percent struggling to meet their monthly income. In response to these challenges, Filipinos are displaying resilience and ingenuity. About 58 percent have embraced side hustles or initiated businesses to augment their income, while 72 percent believe they possess the requisite tools to manage their finances.