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The Philippine market for hardware and software for the financial services only was estimated at $1.25 billion.

This market estimate was based on the statistics reported and gathered by International Data Corporation and did not include the value of consulting services. The amount of consulting services is difficult to estimate as most consulting firms do not have itemized revenue per customer or sector.

Because of the worldwide downturn in the industry, the demand for IT products and services have slowed down. The demand, however, is projected to register a stronger growth rate of 20% to 25% within the next three years.

The financial sector is the heaviest user of IT products and services. The financial sector’s demand for IT products and services are driven by the following factors:

  • The entry of more foreign banks and insurance companies following the liberalization of these sectors in 1994 and 1996. Aside from traditional merchant banking of deposit-taking and lending operations, commercial banks licensed as “universal banks” have expanded their range of products and services.
  • The trend among non-bank financial institutions to offer integrated financial services that bundles insurance coverage, personal investment, and retirement pension fund.
  • The emergence of E-commerce, E-business, E-services in both private and public sectors.
  • The transformation of the three ATM (automated teller machine) consortia BancNet, Megalink and ExpressNet as a common platform to provide expanded services to bank customers.
  • The recent mergers among large commercial banks as a move to consolidate and strengthen the country’s financial system in the aftermath of the 1997 financial crisis
  • U.S. hardware manufacturers have significant market presence. U.S. PC suppliers have 20% market share while printer suppliers have 36%. U.S. companies dominate the server category.
Internet users 4,500,000
Internet Users Rank 21
Internet Users Date of Information 2002
 Telephones - mobile cellular 11,350,000
Cell Phone Rank 12
Cell Phone Date of Information 2001
 Telephones - main lines in use 6,980,000
Telephone Rank 22
Telephones Date of Information 2001
GDP - real growth rate(%) 4.6
Growth Rank 154
Growth Date of Information  2002 est.
GDP - per capita $4,200
GDP/pc Rank 133
GDP/pc Date of Information  2002 est.
GDP $356,000,000,000
GDP Rank 26
GDP Date of Information  2002 est.
Population 84,619,974
Pop Rank 13
Pop Date of Information  July 2003 est.

This site was last updated 3 August, 2009