Philippine bank deposits rose 9.8% to P22.04 trillion at the end of March from a year earlier, as deposits from individuals and private companies increased.
Total deposits grew by P1.97 trillion pesos from P20.1 trillion at end-March 2025, nearly double the P1 trillion increase recorded in the preceding 12-month period, the Philippine Deposit Insurance Corp (PDIC) said.
The faster growth came a year after the maximum deposit insurance coverage was doubled to P1 million per depositor per bank from P500,000, effective March 15, 2025.
“The continued rise in deposit liabilities reflects the public’s sustained confidence in the banking system,” PDIC president and CEO Roberto Tan said.
“Higher household and business deposits suggest that individuals and companies continue to view banks as safe, accessible, and reliable institutions for managing their funds,” he added.
Individuals accounted for the largest share of the increase, adding P913.9 billion pesos, or 46.4% of the total, while private corporations contributed 606.6 billion pesos, or 30.8%.
Other institutional depositors, including government entities, banks and trust departments, accounted for the remaining 22.8%.
Time deposits led the increase by deposit type, rising by 896.1 billion pesos and accounting for 45.5% of overall growth.
Demand and negotiable order of withdrawal deposits contributed 589.6 billion pesos, or 29.9%, while savings deposits added 483.2 billion pesos, or 24.5%.
The number of deposit accounts climbed 18% to 178.6 million at the end of March from a year earlier, an increase of 27.2 million accounts.
Savings accounts accounted for nearly all of the increase, rising by 26.9 million.
Fully insured accounts increased 18.2% to 176.5 million, representing 98.8% of all domestic deposit accounts, PDIC said.
Total insured deposits exceeded P5 trillion as of end-March under the higher P1 million insurance ceiling.
