March 21, 2023

Financial resources reach P27.64T at November end

The resources of the country’s total financial system reached P27.638 trillion at the end of November 2022, higher by 7.62 percent compared to the same period in 2021.

The banking sector accounted for P22.863 trillion of the total, up by 9 percent from 2021’s P20.975 trillion.

The majority of these resources come from the big banks, or the universal and commercial banks, amounting to P21.480 trillion, increasing 11 percent from P19.350 trillion of the same period last year.

Meanwhile, the share of the thrift banking sector continued to decline by 23 percent to P993 billion compared to P1.290 trillion in 2021.

Rural banks’ resources are reported at P390 billion as of end-June, up by 16.76 percent from P334 billion from same time in 202.

As for non-banks, total resources are also up as of end-June, amounted to P4.775 trillion. This is 1.44 percent higher than the P4.707 trillion in 2021.

The BSP said that deposits channeled to lending and investing activities led to the expansion in total resources.

As of the end of November 2022, there are 45 big banks, 43 thrift banks and 403 rural and cooperative banks under the monitoring and supervision of the BSP.