Insurance and Financial Services (As % of Service Exports, BoP) in Philippines

Insurance and financial services as a percentage of service exports from the balance of payment reached 0.926 % in 2017 in Philippines, according to the National Central Bank / OECD. This is 38.6 % less than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Philippines reached an all time high of 1.83 % in 2015 and an all time low of 0.148 % in 1994. When compared to Philippines's main peers, insurance and financial services as a percentage of service exports from the balance of payment in China amounted to 3.62 % and 2.85 % in Indonesia in 2017.

Philippines has been ranked 119th within the group of 149 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 8 places behind the position seen 10 years ago.

Insurance and financial services cover various types of insurance provided to non-residents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and non-residents.

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