The share of Insurance and Financial Services in the Philippines' service imports is forecasted to increase from 12.32% in 2024 to 13.1% in 2028. The actual share in 2023 stood at 12.13%, indicating a steady rise over the forecast period.
Year-on-year, the share is projected to increase by approximately 1.62% from 2024 to 2025, 1.52% from 2025 to 2026, 1.57% from 2026 to 2027, and finally 1.47% from 2027 to 2028. The Compound Annual Growth Rate (CAGR) for the five-year period from 2024 to 2028 is 1.53%, highlighting a consistent upward trend in the sector's share.
Future trends to watch for include digital transformation in financial services, regulatory changes, and macroeconomic factors that could impact service imports. Additionally, the evolution of fintech and insurance technology could further influence trends within this segment.
