Fewer Filipinos access credit in Q4

 Fewer Filipinos are availing of credit in the fourth quarter due to high borrowing costs and the fear of falling prey to fraud and scams.

- LOUISE MAUREEN SIMEON

Based on the fourth quarter consumer pulse study of TransUnion Philippines, fewer Filipinos see credit as an important factor in achieving their financial goals.

The study showed that there has been a decline to 58 percent from 64 percent among Filipinos who consider credit as an important tool for their finances.

Likewise, those who have adequate access to financial products also decreased to 40 percent in the fourth quarter from 45 percent in the same period last year.