TOTAL resources of the country’s financial sector amounted to P33.08 trillion as of end-September, 10.06 percent more than the P30.05 trillion recorded a year earlier, data from the Bangko Sentral ng Pilipinas (BSP) showed.
Month on month, the resources were also higher than the P32.14 trillion seen in August.
Total financial resources are classified according to types of banks — universal/commercial, thrift, rural and nonbank financial intermediaries — and include assets before provisions for anticipated losses, bond discounts or premiums and market gains or losses.
Bank resources rose by 11.08 percent in September to P27.55 trillion from P24.80 trillion a year ago. It was also up from last month’s P26.81 trillion.
Universal and commercial banks, which held the bulk of total resources, accounted for P25.82 trillion, 11.15 percent higher than the P23.23 trillion in the previous year. The amount was likewise more than August’s P25.1 trillion.
Thrift banks held P1.14 trillion, gaining 7.3 percent from P1.06 trillion, while rural and cooperative banks accounted for P478.9 billion or 12.5 percent more than P425.8 billion a year ago.
Money in digital banks amounted to P111.8 million or an increase of 31.8 percent from P84.8 million last year.
Nonbank financial institutions, meanwhile, posted a 5.3-percent gain to P5.52 trillion from P5.25 trillion a year earlier.
Non banks are composed of BSP-supervised investment houses, financing companies, securities dealers/brokers, pawnshops, lending investors, nonstock savings and loan associations, credit card companies, government nonbank financial institutions and authorized agent banks’ forex corporations, with assets reported gross of allowance for probable losses and net of depreciation.
Nonbank institutions include the Social Security System, the Government Service Insurance System and private insurance companies, with assets reported net of allowance for probable losses and depreciation.
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