Global credit reporting agency TransUnion Philippines is intensifying efforts to improve credit literacy in the country as more Filipinos turn to formal lending products such as loans and credit cards. The company announced the launch of its "Credit Engage" initiative, designed to help financial institutions better understand credit reports, credit scores, and data management practices amid rising demand for credit.
Rising Credit Demand
According to TransUnion's latest Consumer Pulse Study, 56 percent of consumers plan to apply for new credit or refinance existing loans this year, the highest level recorded since the start of 2025. This surge underscores the need for enhanced credit education and responsible lending practices.
Credit Engage Initiative
Introduced late last year, Credit Engage provides workshops for lenders aimed at improving the use and interpretation of credit information to support risk management and more tailored financial services. Participating institutions include Metropolitan Bank & Trust Company, Rizal Commercial Banking Corp., and Maya Bank. The sessions focus on how credit data is structured and maintained, as well as the importance of collaboration among lenders, credit reference agencies, and consumers in ensuring data accuracy.
Partnership with BSP
TransUnion is also partnering with the Bangko Sentral ng Pilipinas (BSP) to develop a credit education module for the BSP E-Learning Academy (Bela), expected to be available as early as this year. The module will explain how credit scores work, the factors affecting them, and the importance of monitoring credit reports. This partnership makes TransUnion the first credit reference agency in the Philippines to collaborate with the central bank on the Bela platform.
Strengthening Trust and Transparency
"We are seeing a steadily expanding credit market in the Philippines, with more consumers now actively engaging in the formal credit ecosystem," said Peter Faulhaber. "As participation grows, strong credit education becomes even more critical." TransUnion stated that its initiatives aim to strengthen trust, transparency, and responsible credit use as the Philippine financial services sector continues to evolve.
