To understand the extent of usage of alternative data in the Philippines, the BSP conducted a rapid survey in September 2021. Through the rapid survey, we were able to affirm that adopters of alternative credit scoring realize tangible benefits. The number one benefit realized by adopters is improved customer profiling followed by improved pricing of loan products and improved competitiveness in the marketplace.
The use of alternative data for credit scoring is just one example of how data can be used to benefit consumers. Looking ahead, we must continue to take initiative in fostering an inclusive digital financial ecosystem. To build trust and awareness in digital finance, we need to support financial literacy programs for individuals and MSMEs.