The country’s total financial system resources increased by 10% to P33.075 trillion as of September 2024, fueled by growth in assets, loans, deposits, and net income, according to data from the Bangko Sentral ng Pilipinas (BSP).
Banks control the majority of the country’s financial resources, holding approximately 83% of the total.
The banking sector accounted for P27.55 trillion of the total resources, 11 percent higher than the P24.8 trillion recorded in September 2023. Of this, universal and commercial banks managed P25.82 trillion, marking an 11.15% increase from last year.
Thrift banks, with 41 institutions operating in the country, held P1.14 trillion, up 7.3 percent.
Digital banks showed strong growth, with the six institutions collectively holding P111.8 billion in total resources, an increase of 31.8 percent year on year.
Meanwhile, the 386 rural banks and 22 cooperative banks contributed P478.9 billion, based on June 2024 data, reflecting a 12.47 percent growth.
Non-banking financial institutions (NBFIs), which include investment houses, pawnshops, and insurance firms, had resources totaling P5.52 trillion by the end of June, up 5.28 percent.
The BSP noted that the banking sector remains a key pillar in supporting the country’s economic expansion, with a deposit base of P19.5 trillion as of June.
The sector’s capital base rose 10.6 percent to P3.2 trillion. Consolidated banking earnings reached P290.05 billion, 6.41% higher year-on-year.
The BSP emphasized that banks’ strong capital and liquidity buffers, which exceed both domestic and global standards, continue to support their expansion and risk management capabilities.
