The Philippines digital lending market is seen exceeding $1 billion in the second half the year, a new study of licensed online lender Digido showed.

Digido projected that there will be an accelerated pace in the expansion of digital lending in the country amid the growth of adoption of online technologies among consumers.

According to Digido, the market for non-bank digital loans in the Philippines amounted to $693 million in 2023 and climbing to around $796 million in 2024.

“Our latest findings affirm the majority of Filipinos’ growing pivot towards digital sources of credit as part of their personal finance management,” Digido business development manager Rose Arreco said in a statement.

The study revealed that of the $1 billion digital loans by second half of 2025, 55 percent or $556.5 million will be served by non-bank digital lenders, while digital banks will make up 45 percent or $451 million.

“We are optimistic that these lending segments will be able to maintain their high growth rates in view of its accessibility for the financially underserved, progressive government support and various projects promoting further digitalization,” Arreco added.

She added that since one-third of the country’s population is from Generation Z, the market is now more ready to accept innovative solutions in the financial technologies.