Unbanked Filipinos narrow gap in credit perceptions: TransUnion

Fintech users showed the highest trust in credit products.

Filipinos’ trust in credit products improved in 2025, but concerns over high interest rates and fraud continue to weigh on adoption, according to TransUnion’s latest Credit Perception Index (CPI).

The country’s CPI score stood at 73 out of 100 this year, slightly down from 74 in 2024, indicating overall stability in sentiment. 

Trust in credit products rose by six points, but receptivity to credit messaging declined by nine points, with TransUnion attributing the drop to external factors such as rising interest rates and fraud risks.

Amongst population groups, the unbanked registered a CPI score of 67 in 2025, up from 65 a year earlier, narrowing the gap with the general population to six points. 

Gains were driven by a nine-point increase in trust and an eight-point improvement in knowledge of credit products.

Fintech users, included in the index for the first time this year, posted the highest CPI score at 74. 

Nearly all respondents in this group (91%) use at least one digital financial product, with eWallets (77%) being the most common. 

More than one-third (35%) of Filipinos reported an eWallet as their first financial product, ahead of bank accounts at 30%. 

The trend was more pronounced amongst younger generations, with 47% of Gen Z and 37% of Millennials starting with an eWallet.

Despite improving trust, barriers to credit use persist. High interest rates were cited as the top deterrent by 59% of the general population, 52% of the unbanked, and 61% of FinTech users. 

Fraud and scams followed closely, affecting 52% of the general population, 47% of the unbanked, and 52% of FinTech users. 
Security and trust ranked amongst the most important considerations when engaging with financial institutions, cited by 58% of respondents, just behind convenience at 60%.
The study, conducted from 27 March to 7 April 2025, surveyed 1,165 consumers in partnership with research firm Dynata.