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Market brief

Philippines

Digital payments passed 64% of retail transactions in 2025.

The Philippine digital economy is projected at $42 billion GMV in 2026, with e-commerce at $28 billion. Digital payments made up 64.69% of retail transaction volume in 2025, up from 57.45% in 2024.

Peacroft does not currently operate in the Philippines. This brief summarises public sources to start a conversation. It is not investment, legal or tax advice.

Manila
Location of the Philippines. Map: Natural Earth (public domain), simplified.

Digital indicators

Online commerce

  • E-commerce GMV: $20 billion in 2024, $24 billion in 2025 and a projected $28 billion in 2026.1
  • Digital payments rose from 57.45% of retail transaction volume in 2024 to 64.69% in 2025.2
  • The Philippines is part of the 2022 regional payment connectivity agreement with Indonesia, Malaysia, Singapore and Thailand.5

Opportunities

  • Payments are moving online quickly: seven percentage points in a single year.2
  • E-commerce is projected to grow from $20 billion to $28 billion between 2024 and 2026.1

Challenges

  • About a third of people were not online in 2024 (internet use 67.3%).3
  • Half of adults had no account in 2024 (50.2% did), so offer payment options beyond bank cards.4

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Sources

  1. e-Conomy SEA 2026: Philippines country report(opens in a new tab)Google, Temasek and Bain & Company · Published 21 October 2026 · Accessed 14 November 2026
  2. 2025 Report on E-payments Measurement(opens in a new tab)Bangko Sentral ng Pilipinas · Published 2026 · Accessed 14 November 2026
  3. Individuals using the Internet (% of population)(opens in a new tab)World Bank, World Development Indicators (data from ITU) · Published 11 November 2026 · Accessed 14 November 2026
  4. Account ownership (% age 15+)(opens in a new tab)World Bank, Global Findex Database 2025 · Published 2025 · Accessed 14 November 2026
  5. Central banks of Indonesia, Malaysia, Philippines, Singapore and Thailand seal cooperation in regional payment connectivity(opens in a new tab)Monetary Authority of Singapore · Published 14 November 2022 · Accessed 14 November 2026

Sources checked: