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April 24, 2024

A flourishing start: Philippine banking sector assets climb to P24.8 trillion in January

The Philippines’ banking sector experienced significant growth in both assets and liabilities, highlighted by an uptick in lending and investment activities, according to data released by the Bangko Sentral ng Pilipinas (BSP) on Monday.

The nation’s banks saw their total assets increase by 10.3% to P24.81 trillion. This growth was primarily fueled by the 8.39% rise in net loans to P12.92 trillion, and in net investments, which surged by 10.46% to P7.25 trillion.

A BSP official said the expansion in loan activities reflects ongoing economic dynamism and suggests a probable uptick in investments.

Furthermore, the sector’s total liabilities, encompassing deposits among other liabilities, witnessed a 10.1% growth to P21.71 trillion.

Dominating the industry, universal and commercial banks made up 95% of the total assets.

BDO Unibank Inc. remained the largest bank in terms of assets at P4.11 trillion as of September 2023.