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Despite a 13.2% increase in financial assets per capita in 2023, the Philippines remains one of the poorest nations in Asia, according to Allianz Global’s latest wealth report. While growth was strong, rising liabilities continue to challenge the nation’s economic progress.
Philippine Wealth Rises 13.2% in 2023, But Country Still Among Asia’s Poorest
In a recent report, insurer Allianz Global stated that the Philippines' wealth increased in 2023. Still, it was insufficient to elevate the country from the group of impoverished economies in the region.
Allianz Global reported that the Philippines' net financial assets per capita increased by 13.2 percent year-on-year to 1,940 euros (P121,000 based on current foreign exchange rates) in 2023, thereby securing the 49th position among the 60 economies examined in its most recent "Global Wealth Report."
Allianz Global maintained that the Philippines continued to be classified as one of the most impoverished nations in Asia at this rate. Nevertheless, the nation is a "growth champion" in the region, as its gross financial assets have increased by 13.2 percent, the quickest rate in six years and significantly higher than that of China or India.
Asset-Class Securities Drive Philippine Wealth Growth, But Liabilities and Low Insurance Weigh Heavily
Upon analyzing the report, Allianz Global asserted that the 16-percent increase in asset-class securities was the "primary driver" of growth.
Insurance and pensions experienced a 9.8 percent increase, while bank deposits experienced a "strong" 9.1 percent growth.
However, Allianz stated that insurance and annuities were "underweighted" in the portfolios of Filipino households, with a share of only 7 percent. This is significantly lower than the 57 percent share of bank deposits.
However, Filipinos' liabilities grew by 12.9% even though their wealth increased. Consequently, Allianz Global reported that the debt ratio increased to 27.1 percent last year, which was "still at a relatively low level."
”2023 was marked by sharp monetary tightening. But economies proved resilient and markets even boomed,” the report said.
In general, Allianz Global reported that the financial assets of private households worldwide experienced a robust growth of 7.6 percent last year, offsetting the 3.5 percent losses experienced in 2022. After 2023, the total value of financial assets was 239 trillion euros.
In 2023, the financial assets of Asian households increased by 7.5 percent to 63.8 trillion euros, a quarter of Europe's level. This increase was observed by region. Bank deposits were the primary contributor, with a 9.3 percent increase. All asset classes contributed to this increase.
