October 16, 2024 | 12:00am
MANILA, Philippines — The total resources of the country’s financial system went up by nine percent to hit P32.1 trillion as of end-August, the Bangko Sentral ng Pilipinas (BSP) said.
Data from the central bank showed that banks and nonbank financial institutions booked an aggregate 9.2-percent growth in assets to reach P32.14 trillion in January to August from the P29.43 trillion in the same period last year.
These resources include funds and assets such as deposits, capital, bonds and debt securities.
The growth in resources was fueled by the 10.6-percent expansion in the assets of universal and commercial banks to P25.09 trillion.
Big banks accounted for 93.6 percent of the banking industry’s total resources, which stood at P26.81 trillion as of end-August.
Similarly, assets of thrift banks grew by 7.8 percent to P1.13 trillion from P1.05 trillion. Mid-sized banks cornered 4.2 percent of the overall banking resources.
On the other hand, the assets of rural and cooperative banks went up by 15 percent to P478.9 billion.
The newer digital banking group also posted double-digit growth of almost 30 percent in assets, reaching P110.3 billion as of end-August from P85 billion a year ago.
Non-banks likewise grew their resources by 2.6 percent to P5.33 trillion from P5.2 trillion in August 2023.
Non-bank institutions include BSP-supervised investment houses, financing and investment companies, securities dealers and brokers, pawnshops and lending investors.
It also covers non-stock savings and loan associations, credit card issuers, authorized agent banks foreign exchange corporations and state non-bank financial institutions.
Non-bank institutions also include the Social Security System, Government Service Insurance System and private insurance companies, wherein assets are reported net of allowance for probable losses and depreciation.
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