Total resources of the country’s financial sector grew by 8.8% year-on-year as of end-November 2024, reaching P33.07 trillion, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).
The increase was driven by a rise in the resources of both banks and non-bank financial institutions. Total bank resources amounted to P27.55 trillion, up from P25.14 trillion in the same period last year.
Within the banking sector, resources of universal and commercial banks rose to P25.78 trillion, while thrift banks’ resources increased to P1.14 trillion.
Digital banks, a growing segment, saw their resources reach P119.5 billion, while rural and cooperative banks reported P498.3 billion in resources.
The non-bank sector also posted growth, with total resources rising to P5.52 trillion. Non-bank institutions include investment houses, financing companies, credit card firms, pawnshops, and government financial entities.
