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

Insurance and financial services as a percentage of service imports from the balance of payment reached 7.68 % in 2017 in Philippines, according to the National Central Bank / OECD. This is 2.52 % less than in the previous year.

Historically, insurance and financial services as a percentage of service imports from the balance of payment in Philippines reached an all time high of 12.9 % in 2008 and an all time low of 0.425 % in 1998. When compared to Philippines's main peers, insurance and financial services as a percentage of service imports from the balance of payment in China amounted to 2.77 % and 5.30 % in Indonesia in 2017.

Philippines has been ranked 59th within the group of 155 countries we follow in terms of insurance and financial services as a percentage of service imports from the balance of payment, 19 places above the position seen 10 years ago.

Insurance and financial services (% of service imports, BoP) cover various types of insurance provided to residents by non-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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