Manila, Philippines, August 19, 2026 – TransUnion (NYSE: TRU), a global information and insights company and the Philippines’ first comprehensive private credit reference agency, today released its fourth annual Credit Perception Index (CPI). The Philippines’ 2026 CPI score rose to 75 out of 100, the highest level recorded since the study was launched. The increase was mainly driven by improvements across three score factors: favorability (+4 points), product trust (+3 points) and product knowledge (+3 points).

TransUnion CPI Score and Score Factors* of the General Population

Introduced in 2023, the CPI examines 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.

Beyond the record-high CPI score, the study found that financial confidence softened amid inflation and cost-of-living concerns, even as consumers took proactive steps to strengthen their financial wellbeing. The findings also point to growing momentum for digital banks, shifting borrowing preferences toward formal financial institutions and clear factors that influence consumer trust.

“What stands out this year is that confidence in credit continued to improve even as consumers faced a more challenging economic environment,” said Peter Faulhaber, President and CEO of TransUnion Philippines. “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.”

This growing engagement was reflected in continued increases in financial product adoption. eWallets remained the most widely held product at 80%, up four percentage points [pp] from 2025, while buy now, pay later (BNPL) services recorded the strongest growth in adoption (+8 pp), reaching 26%. Credit card ownership also increased to 38% (+7 pp), with personal loan adoption reaching 26% (+1 pp).

Financial Products Owned by Filipions

Financial Confidence Softens, but Consumers Remain Proactive

While attitudes toward credit improved, Filipinos remained cautious about their broader financial outlook. Expectations of financial improvement fell to their lowest levels since 2023, with 64% of consumers expecting their financial situation to improve over the next three months and 73% over the next year, both down three percentage points from 2025. Inflation, rising living costs and energy prices remained the leading concerns affecting future financial wellbeing.

Future Financial Outlook in the Next 3 and 12 Months

In response to these pressures, Filipinos continued to take proactive steps to strengthen their financial wellbeing. Saving remained the most common planned action (86%, +2 pp), while more consumers also intended to access educational materials (73%, +5 pp), explore new digital products and financial technology (FinTech) services (70%, +6 pp), and use a broader range of financial products and solutions (66%, +6 pp). More than two in five (43%, +5 pp) also said they intended to borrow or use credit for purchases in the near future, continuing an upward trend observed since 2023.

“The survey reveals a shift toward more intentional financial decision-making among Filipinos,” Faulhaber noted. “While consumers are more cautious about their financial outlook, they are continuing to save, seek financial education and explore new financial products. These behaviors demonstrate how consumers are proactively adapting to ongoing cost pressures.”

Digital Banks Gain Momentum and Borrowing Preferences Continue to Shift

Credit continues to play an important role in helping Filipinos address everyday financial needs. Emergency expenses (59%), personal expenses (50%) and family expenses (45%) emerged as the most common reasons consumers used credit products and services.

At the same time, borrowing preferences continued to shift toward formal financial institutions. Future borrowing intent increased most for digital banks (+11 pp), followed by traditional banks (+8 pp) and credit cards (+6 pp), while intent to borrow from family and friends declined by 11 percentage points to 45%, reaching its lowest level since 2023.

Borrowing intent

The growing preference for digital banks appears to be supported by rising consumer familiarity and confidence. More than half of Filipinos (52%) reported using a digital bank. Digital banks also recorded the strongest gains in consumer perceptions, with knowledge increasing 15 percentage points to 80% and favorability rising 14 points to 79%, surpassing traditional banks on both measures (at 78% and 76%, respectively). Perceived safety of digital banks also climbed 11 points to 84%, second only to traditional banks at 88%.

Education is Key to Further Credit Adoption

Looking ahead, sustaining positive credit perceptions and supporting further adoption in the Philippines will require continued effort to build consumer knowledge and trust. Amid ongoing public and private initiatives to promote financial education, Filipinos reported that access to clear information still remains a challenge. One in four Filipinos (25%) reported difficulty finding materials related to credit and financial products. Among them, uncertainty about which sources to trust (60%) and information that was too complex or confusing (44%) were the most commonly cited barriers.

The study also revealed the factors most likely to strengthen trust in financial products and services. Transparency (56%), fair or low interest rates (53%), and strong security and fraud protection (52%) emerged as the leading trust drivers among Filipino consumers.

“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,” said Faulhaber.

“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.”

In the Philippines, TransUnion advances financial inclusion through collaborations with financial institutions, regulators and wider industry stakeholders. The company helps lenders assess consumers with limited credit histories using alternative data and promotes industry-wide fraud prevention exchange through the Fraud Industry Council, launched in 2024. It also partners with the Bangko Sentral ng Pilipinas (BSP) and the industry to advance credit education and financial literacy.

TransUnion’s Credit Perception Index (CPI) is an annual study conducted exclusively in the Philippines that tracks how Filipinos perceive and engage with credit, the drivers and barriers influencing their behavior, and the implications for the broader financial ecosystem. 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.

For more information and insights, please view the full report of the TransUnion Credit Perception Index.

*The CPI Score Factors

1. Reservations – Concerns or barriers that may discourage credit use.
2. Stigmas – Negative perceptions associated with credit.
3. Credit messaging – The likelihood to use credit after learning about its potential benefits.
4. Favorability – Overall positive perceptions of credit products.
5. Product trust – The perceived trustworthiness of credit products.
6. Concept knowledge – Self-reported knowledge of a defined concept of credit.
7. Product knowledge – Self-reported knowledge of specific credit products.

Higher scores are more favorable across all factors. Stigmas and Reservations are reverse-scored, meaning higher scores indicate fewer negative perceptions and reservations toward credit.

Manila, Philippines, February 19, 2026 – TransUnion (NYSE: TRU), a global information and insights company and the Philippines’ first comprehensive private credit reference agency, today released additional findings from the 2025 Credit Perception Index (CPI). The data reveals a nationwide rebalancing of credit sentiment as Filipinos outside the Greater Capital Region (GCR) show rising financial literacy and openness to credit products, reshaping how consumers engage with credit across the country. For purposes of the study, GCR refers to the economic zone composed of Metro Manila, Central Luzon, and Calabarzon. 

The CPI score — a combined measure to capture Filipinos’ knowledge, trust, and favorability toward credit and other financial products — among those residing outside the capital rose from 71 in 2024 to 73 in 2025, matching the 73 score of Filipinos based in the capital. This upward trend was driven by sizable gains in product trust (+11 points) and product knowledge (+6 points), likely reflecting sustained efforts by the public and private sectors over the years to expand credit awareness, education and access across the country. 

“Filipinos outside the capital region are making notable strides, driven by sizable gains in both knowledge and trust of credit products,” said Peter Faulhaber, President and CEO of TransUnion Philippines. “This progress shows that more consumers are ready and willing to participate in the credit economy, reflecting a meaningful shift in how Filipinos understand and engage with financial products.” 

Borrowing Preferences Differ Across Regions 

Alongside improved credit perception, intent to use credit is now comparable between consumers within and outside the capital. According to TransUnion’s 2025 CPI, close to two in every five Filipinos (38% in the capital and 39% in other regions) expressed a willingness to use credit to make purchases in the next three months from the time of the study. However, differences emerge in attitudes towards the various products. 

Among respondents from the capital region, 44% expressed interest in using credit cards, compared with 36% from those outside the capital. Similarly, 40% indicated preference for borrowing from traditional banks vs 37% beyond the capital. 

In contrast, Filipinos residing outside the capital region show greater openness to non-conventional financial solutions than capital residents, such as mobile loan apps (33% vs 27%), money lending services (29% vs 21%), and micro loan providers (22% vs 17%) — options that often offer a higher level of convenience and speed for consumers in areas usually with fewer traditional banking touchpoints. 

These preferences align with reported rising product knowledge of small-ticket credit products among those based outside the capital, where perceived understanding of mobile loans (65% vs 60%), micro loans (54% vs 44%) and payday loans (54% vs 49%) are notably stronger than among those living in the capital. 

Growing Openness to Financial Learning 

Strong appetite for financial education may explain the improved credit knowledge and thus, trust among Filipinos outside the capital. The 2025 CPI shows that Filipinos outside the capital have a clear demand for financial learning. More than two-thirds (70%) of respondents from these areas expressed willingness to access educational materials to improve their finances, while a majority (65%) also reported strong openness to exploring new digital financial products and services. 

In terms of education channels, social media remains the leading source of information on both financial and credit products for consumers within and outside the capital. Sixty percent from each group said they would like to learn about financial products via social platforms and a similar pattern appears for credit products, with 59% and 58% from the capital and beyond, respectively, sharing this preference. 

In response to this strong appetite for financial education in the country and the preference for digital channels, TransUnion’s new partnership with the Bangko Sentral ng Pilipinos (BSP) serves as a timely initiative to deliver digital learning materials anywhere, anytime through multiple touchpoints. 

The upcoming BSP E-Learning Academy (BELA) credit education module — soon accessible through the BSP Mobile App — will provide Filipinos nationwide with practical and engaging resources on understanding and managing credit. This initiative makes TransUnion the first credit reference agency in the Philippines to collaborate on the BSP’s digital BELA program to promote credit education, directly advancing financial literacy and financial inclusion among Filipinos while reshaping the country’s credit landscape. 

“What we see in the latest TransUnion CPI is clear: interest and readiness for credit are rising well beyond the capital region, creating both an opportunity and a responsibility for the industry to expand access and education,” added Faulhaber. “TransUnion remains committed to driving this progress by partnering with financial institutions to broaden credit access, while delivering credit education initiatives that empower consumers across the country to manage credit responsibly.” 

¹ The 2025 CPI score computation was refined to provide a more holistic and robust view of Filipino consumers and capture shifting perceptions and behaviors. The same formula was applied retroactively to enable year-over-year comparisons.

Key signatories gathered at the Bangko Sentral ng Pilipinas’ (BSP) 2025 Financial Education Stakeholders’ Congress for the signing of the Memorandum of Agreement (MOA) between the BSP and TransUnion Philippines. 
(L-R) Natassia Fortea, Legal Counsel, TransUnion Philippines; Peter Faulhaber, President and CEO, TransUnion Philippines; Deputy Governor Bernadette Romulo-Puyat, Regional Operations and Advocacy Sector, BSP; and Managing Director Charina De Vera-Yap, Financial Inclusion and Consumer Empowerment Sub-sector, BSP 

Manila, Philippines, November 25, 2025 – Global information and insights company TransUnion (NYSE: TRU), the Philippines’ first comprehensive private credit reference agency, announced the signing of a Memorandum of Agreement (MOA) with the Bangko Sentral ng Pilipinas (BSP) to develop and implement a national-level credit education module on the BSP E-Learning Academy (BELA). Set to be available to all Filipinos as early as next year, the module marks TransUnion as the first credit reference agency in the country to collaborate with the BSP on financial education initiatives through BELA to promote financial literacy.

The formal MOA signing ceremony was held as part of the BSP’s 2025 Financial Education Stakeholders’ Congress on November 18, 2025. The interactive e-learning module, "Understanding and Managing Your Credit Score", will be housed on BELA – an online learning management system designed to educate Filipinos on financial literacy in the digital age. The course is interactive, featuring engaging slides, scenario-based exercises and video materials to empower Filipinos of all ages with the necessary knowledge to responsibly navigate the credit ecosystem.

A New Resource for Financial Empowerment

This collaboration represents a significant milestone in TransUnion's ongoing commitment to advancing financial literacy and financial inclusion in the country. It directly responds to the strong consumer demand for financial education, as data from TransUnion’s 2025 Credit Perception Index (CPI) showed that 68% of Filipinos aim to access more educational materials to improve their finances. With additional CPI data pointing to social media as a preferred channel for three in every five Filipinos (60%), complementary e-learning materials will also be shared on TransUnion’s own social media platforms to engage with broader Filipinos through multiple touchpoints.  

“TransUnion believes that access to credit begins with access to credit knowledge. This partnership with the BSP is a monumental step forward in our shared mission to champion financial literacy and financial inclusion across the nation,” said Peter Faulhaber, President and CEO, TransUnion Philippines. “By introducing this interactive e-learning module on the BELA platform, we are empowering Filipinos with insights needed to build and maintain a healthy credit profile — unlocking better financial opportunities and establishing a strong foundation for a more financially resilient population, in line with the Philippines’ national goal of achieving upper-middle-income status.”

During the event, TransUnion Philippines was also recognized as a “Promising Financial Education Partner” for its ongoing contributions in advancing financial inclusion through education and collaboration.

The "Understanding and Managing Your Credit Score" course will be available to all Filipinos via BELA online and through the BSP Mobile App. Download today from the App Store or Google Play Store.

Manila, Philippines, August 19, 2025 – TransUnion (NYSE: TRU), a global information and insights company and the Philippines’ first comprehensive private credit reference agency, today released its third annual Credit Perception Index (CPI). As an important part of TransUnion’s ongoing commitment to promote credit literacy and financial inclusion in the country, the CPI examines how Filipinos perceive credit, the drivers and barriers influencing their behavior, and the implications for the broader financial ecosystem.

The Philippines’ 2025 CPI score stands at 73 out of 100, only slightly lower from 74 in 2024¹, signifying overall stability in credit sentiment. While most CPI score factors such as favorability, concept knowledge, product knowledge, reservations and stigmas remained relatively steady, trust in credit products increased significantly by six points.

Conversely, credit messaging receptivity—the likelihood to use credit after learning about its potential benefits—dropped by nine points. This decline may be attributed to external factors such as higher interest rates and growing concerns about digital fraud.

TransUnion CPI Score and Score Factors of the General Population

Knowledge and interest remain strong

The overall stability of the CPI score is underpinned by a well-established understanding of credit and a growing appetite to engage with financial products. More than two-thirds (69%) of Filipinos say they are knowledgeable about what credit is, in general. Moreover, interest in learning about specific credit products grew, especially for payday loans (+7 percentage points [pp]), micro loans (+7pp), mobile loans (+6pp), personal loans (+5pp), and buy now, pay later (BNPL) (+5pp).

“We are glad to see the CPI score holding largely steady in 2025, supported by growing trust in credit products. More encouragingly, this year’s CPI results also tell us that Filipinos are eager to learn more about financial options that are relevant, accessible, and suited to their needs,” said Peter Faulhaber, President and CEO of TransUnion Philippines. “This increasing openness is a positive indicator of progress. As financial literacy deepens, we anticipate even greater familiarity, trust and responsible use of credit – key pillars in building a more inclusive and robust financial ecosystem in the Philippines.”

Barriers to credit use linger

Despite positive gains in trust and openness, external factors continue to hold back Filipinos from actively using credit. Across all three population groups surveyed—the general population, the unbanked and the financial technology (FinTech) users—high interest rates emerged as the top deterrent to credit usage, cited by 59%, 52% and 61%, respectively. Concerns about scams and fraud followed closely, affecting 52% of the general population, 47% of the unbanked and 52% of FinTech users. These figures highlight widespread apprehension about security threats across different population groups, regardless of their CPI score.  

Indeed, security and trust emerged as key consumer considerations when choosing to engage with financial institutions, cited by more than half (58%) of the respondents, just slightly behind convenience at 60%.

These findings underscore a critical challenge: while trust is improving, consumers still require stronger assurances through safer and more supportive credit environments. Addressing these concerns will be key to unlocking broader participation in the credit ecosystem and advancing financial inclusion across all segments of the population.

Narrowing gap between general population and the unbanked

A closer look at population segments reveals that the TransUnion CPI score for the unbanked Filipinos rose by two points—from 65 in 2024 to 67 in 2025—reducing the gap with the general population from nine to six points. Notably, this two-point increase among the unbanked also outpaced that of the general population (+2 points vs. -1 point). This improvement was primarily driven by significant gains in credit product trust (+9 points) and knowledge (+8 points).

TransUnion CPI Scores of the Three Population Groups

The unbanked also demonstrated enhanced understanding across nearly all credit products surveyed, with marked progress in knowledge of mobile loans (+16pp), payday loans (+15pp), automotive loans (+13pp), micro loans (+12pp), personal loans (+10pp) and BNPL (+10pp). These trends suggest growing familiarity with formal credit options, although overall knowledge (56%) still trails behind the general population (69%).

FinTech emerges as the first financial product among younger generations

Recognizing the increasing influence and widespread adoption of FinTech in the country, TransUnion introduced FinTech users as a new population group in this year’s CPI. Among the respondents, FinTech usage is nearly universal, with 91% reporting they use at least one digital financial product.

Most commonly used FinTech products include eWallets (77%), online banks (51%), and digital payment apps (47%). Notably, over one-third (35%) of the general population reported an eWallet as their first financial product, surpassing bank accounts (30%). This trend is especially evident among younger generations, with Gen Z (47%) and Millennials (37%) more likely to start their financial journey with an eWallet, while Gen X and Baby Boomers favored bank accounts at 40% and 34%, respectively.

In terms of credit perceptions, among the three population groups surveyed (general, FinTech, unbanked), FinTech users posted the highest CPI score in 2025 at 74, along with the highest level of general credit knowledge (71%), outperforming both the general population and the unbanked.

“The strong performance of FinTech users and the narrowing gap between the unbanked and general population reflect encouraging momentum toward greater financial inclusion,” said Faulhaber. “However, to fully unlock the benefits of credit and drive broader adoption, we must continue addressing persistent barriers – especially concerns around fraud and security that still deter many Filipinos from engaging with credit. By fostering trust and enhancing financial education, we can empower more Filipinos to participate confidently in the credit economy, helping build a financially resilient population that supports the nation’s journey toward upper-middle income status.”

For more information and insights, please view the full report of the TransUnion Credit Perception Index study.

¹ The 2025 CPI score computation was refined to provide a more holistic and robust view of Filipino consumers and capture shifting perceptions and behaviors. The same formula was applied retroactively to enable year-over-year comparisons.

Manila, Philippines, July 5, 2023 – Global information and insights company and the Philippines’ first comprehensive private credit reference agency, TransUnion (NYSE: TRU), today released an inaugural Credit Perception Index study on Filipino perceptions towards credit, factors contributing to their perceptions, and what these mean to the nation as a whole. The study aims to inspire meaningful dialogues and actions to improve credit literacy and financial inclusion at large for the Philippines.

The TransUnion Credit Perception Index (CPI) for the Philippines currently stands at 65 out of 100. The CPI factors in how Filipinos see credit across multiple dimensions, including their current attitudes, knowledge, trust, favorability, and future receptivity.

The study finds that most Filipinos surveyed (69%) have a general understanding of the concept of credit. Across credit products, they tend to be most knowledgeable about credit card installment payments (83%), followed by personal loans (77%), credit cards (71%), and Buy Now Pay Later (69%). In contrast, they are far less familiar with mortgages (58%), auto loans (54%), and overdraft protection (25%).

Trustworthiness in different credit products also follows a similar pattern, with credit card installment payments (81%) and personal loans (78%) seen as being more trustworthy, and overdraft protection (42%) being less trusted among Filipinos surveyed. This suggests a likely correlation between knowledge and trust – the more knowledgeable a consumer is about a credit product, the more trustworthy the consumer would find the product.

In comparison with other financial products, Filipinos tend to favor cash (96%) and e-wallets (93%) over credit products such as Buy Now Pay Later (66%) and credit cards (59%). In fact, credit card penetration rates remain low despite longstanding presence in the Philippines, with only 25% of respondents owning a credit card. This is in sharp contrast to the 85% who have an e-wallet, which have only become available recently in comparison to credit cards in the country. The fact that credit cards are a more widely held product in many markets around the world yet remain stagnant in the Philippines in terms of penetration, may indicate a prevailing conservative attitude surrounding credit among the Filipino public.

“Improving financial literacy among our fellow Filipinos is a major step in fostering a more inclusive financial ecosystem in the country,” said Pia Arellano, president and CEO of TransUnion Philippines. “We are passionate about the work we do every day to help wider consumers understand more about credit and enable them to access credit opportunities to achieve their life goals. By harnessing both traditional and alternative data to generate insights on an individual’s creditworthiness, it becomes possible for more consumers to be seen and included in the formal financial system, especially unbanked Filipinos constrained by the lack of available credit information on them.”

Unbanked Filipinos find themselves less knowledgeable and have less trust in credit

The study also takes a deeper look at the credit knowledge and perceptions of the Philippines’ unbanked population. The CPI of the unbanked population is at 53, 12 points lower than that of the general population.

The biggest gaps between the unbanked segment and the population as a whole are related to credit knowledge, as well as trust and favorability. Among the unbanked respondents, 58% said they understand the general concept of credit. However, on the knowledge of different credit products, the unbanked population scores themselves at 27 out of 100, significantly lower than the general population’s 54. The unbanked population also scores 39 (19 points lower) and 40 (14 points lower) out of 100 on overall trust and favorability, respectively.

Negative Stigma Surrounding Credit Remains

Additional findings show that the notion of credit, or utang in Tagalog, is often associated with debt, overspend and irresponsibility among consumers in the Philippines. In fact, many among those surveyed believe people acquiring credit products tend to overspend (57%), or are already in debt (50%). Many also believe that these borrowers will eventually acquire unmanageable amounts of debt (45%) or will go to jail if they do not pay their debts (42%).

Despite these perceptions, there is still a high level of reliance on informal credit rather than on formal credit systems. Nearly three quarters of Filipinos (72%) turn to family and friends to borrow money, and the percentage goes even higher to reach 78% among the unbanked population.

Filipinos’ longstanding stigmas and perceptions of credit may be due in part to the sources of their credit knowledge. Most Filipinos learn about credit products from their family and friends (67%), followed by banks and financial institutions (61%) and financial advisors (42%). When looking at the unbanked population, apart from family and friends (69%), they rely mostly on Facebook (51%) and YouTube (45%) for financial education.

“There is an enormous opportunity for the public and private sectors to work together to provide more formal and reliable channels for the Filipino public to acquire financial knowledge, and thus transform the conversations of credit seen as mere harm into a gateway to improved economic opportunities. It is not simply about understanding personal finances and credit, but more importantly, leveraging the power to access opportunities made possible by more informed financial decisions and responsible lending. Responsible credit use empowers consumers to realize their aspirations, whether that be starting a business, pursuing further education, or building a home. On a national scale, it also serves as a catalyst for economic growth, as proven by a great many economies around the world,” concluded Arellano.

About the TransUnion Credit Perception Index

The TransUnion Credit Perception Index (CPI) study was conducted by TRUE Global Intelligence and commissioned by TransUnion. The study comprised of a survey targeting 1,100 consumers of the general population, as well as an oversample of 200 consumers of the unbanked population and an oversample of 200 small business owners between January and February 2023. To gauge Filipinos’ current attitudes and future receptivity towards credit, respondents were posed a series of questions to rate their knowledge, trust and favorability surrounding credit and other financial products. The study aims to provide a holistic view of credit perceptions across the landscape, and gain further insights to address gaps surrounding public perceptions of credit, what may influence them, and what may shift their perceptions. The study is intended to be a recurring effort to observe changes in prevailing credit perceptions in the Philippines over time.

For more information and insights, please view the full report of the TransUnion Credit Perception Index study.