Peter Faulhaber: Bridging financial inclusion gap in Philippines

MANILA, Philippines — TransUnion Philippines’ newly appointed CEO Peter Faulhaber is laying out an ambitious agenda to make credit more inclusive, accessible and better understood by Filipino consumers, especially the vulnerable sectors.

Faulhaber, who took the reins earlier this year, brings more than 16 years of global experience in consumer and retail banking. He has spent the last six years based in the Philippines, where he previously led the local consumer banking division of a multinational bank.

“I’ve been here (in the Philippines) since 2019, leading the consumer business for that bank,” he said in an interview with The STAR. “The last six years have been instrumental in me wanting to do more in the credit space and financial inclusion.”

Faulhaber’s appointment comes at a time of growing demand for personal and small-business loans across the country. However, Faulhaber noted that access to credit remains limited for many Filipinos, particularly those with little or no formal credit history.

“There’s a very strong demand from consumers,” he said. “Even small sums of money can help improve daily life. Whether it’s borrowing for education, their small businesses, or everyday needs, the demand here is huge.”

TransUnion Philippines is a private credit bureau that provides credit data and analytics to financial institutions, helping them make informed lending decisions. Operating in the country since 2011, it is part of the global TransUnion network that spans over 30 markets.

Faulhaber said what attracted him to the role was the opportunity to help address systemic gaps in financial inclusion.

“When you work for a single financial institution, you’re able to help a certain group of people,” he said. “Coming to TransUnion…I thought I could help serve the demand of the Philippines at a much broader scale.”

He said that TransUnion does not lend money itself. Instead, it enables lenders to extend credit responsibly, using credit data to assess borrower risk and reach more consumers.

One of Faulhaber’s priorities is to improve credit literacy among Filipino borrowers. He acknowledged that awareness about credit scores remains low across the country — something that TransUnion is working to address.

“Most Filipinos probably aren’t aware of what a credit score is, nor what theirs is,” Faulhaer said, adding that “we believe it’s something the industry needs to work on as understanding one’s credit standing empowers people to make more informed financial decisions.”

To support this goal, TransUnion recently launched a consumer initiative allowing individuals to check their own credit reports and scores. The company also publishes regular surveys, such as the Consumer Pulse Survey and Credit Perception Index, to measure attitudes toward borrowing and credit.

Faulhaber said negative perceptions about debt or locally referred to as utang remain a key cultural barrier. While perceptions are slowly improving, trust in credit still needs to be strengthened through education and transparency.

To help address the lack of credit history among many Filipinos, TransUnion has developed “new-to-credit” scoring products that use nontraditional data sources such as telco and utility payments.

“We launched it around 2017,” Faulhaber said. “We’ve been improving it ever since — finding new data partners, using telco data, utilities, and other daily life indicators to build a credit picture.”

These alternative data models are particularly important for reaching unbanked or underserved individuals, many of whom have never borrowed from a formal institution.

“A person may not have a credit card or loan, but if they pay their bills every month, that’s useful information,” he said. “That gives lenders confidence to make that first loan.”

Faulhaber also said that TransUnion is ramping up its investments in the Philippines, from expanding office space to increasing local headcount and developing new credit products. The company is also tailoring its services to meet the needs of fintechs and digital lenders entering the market.

“You always want to be in a company that’s investing and growing,” he said. “No industry stays the same, and we want to stay ahead of where the market is going.”

Despite economic uncertainties, Faulhaber remains optimistic about the future of consumer finance in the Philippines. He pointed to the country’s young population, rising middle class, and growing foreign investment as strong fundamentals for long-term growth.

Ultimately, Faulhaber hopes to see TransUnion play a central role in shaping a more inclusive and dynamic financial system. “What good looks like for me is seeing that consumer lending continues to grow and knowing that TransUnion played a role in that,” he said.

Faulhaber added that he intends to make trust, access and inclusion the core pillars of his leadership. “My goal is for TransUnion to continue being the most trusted credit bureau in the Philippines. That’s the vision for the next three to five years,” he said.