December 17, 2024 | 12:00am
MANILA, Philippines — The total resources of the country’s financial system rose by 8.9 percent to hit P32.8 trillion as of end-October, according to the Bangko Sentral ng Pilipinas (BSP).
Data from the central bank showed that banks and non-bank financial institutions booked an aggregate 9.2-percent growth in assets from the P30.1 trillion in the same period a year ago.
These resources include funds and assets such as deposits, capital, bonds and debt securities.
During the 10-month period, the growth in resources was mainly driven by the 9.7-percent expansion in the assets of the banking industry to P27.28 trillion.
Big banks accounted for 93.6 percent of the banking industry’s total resources, which stood at P25.52 trillion as of end-October. This is also 9.6 percent higher than the P23.28 trillion seen in the same period last year.
Similarly, assets of thrift banks jumped by 6.5 percent to P1.14 trillion from P1.07 trillion. Mid-sized banks cornered 4.2 percent of the overall banking resources.
On the other hand, the assets of rural and cooperative banks rose by 17 percent to P498.3 billion, covering 1.6 percent of the industry’s total resources.
The newer digital banking group also posted double-digit growth of 34.8 percent in assets, reaching P113.8 billion as of end-October from P84.4 billion a year ago.
Non-banks likewise saw their resources grow by 5.2 percent to P5.52 trillion from P5.25 trillion a year ago.
Non-bank institutions include BSP-supervised investment houses, financing and investment companies, securities dealers and brokers, pawnshops and lending investors.
Be the first to comment