By the staff
The Philippine financial system kept its momentum in November, with total resources climbing to ₱35.76 trillion as banks and digital adoption fueled growth, Bangko Sentral ng Pilipinas data showed.
That figure was up 7.1% from ₱33.38 trillion a year earlier, underscoring resilience in the sector even as economic growth moderates and borrowing conditions shift.
Banks remained the backbone of the system, with assets rising 7.7% to ₱29.66 trillion. Universal and commercial lenders held the lion’s share at ₱27.57 trillion, accounting for 93% of industry assets.
Thrift banks stood out with a 23.5% surge to ₱1.42 trillion, while rural and cooperative banks posted modest gains of 1.5% to ₱505.9 billion.
Digital banks continued to punch above their weight, expanding assets by 38.6% to ₱165.9 billion as more Filipinos embraced online platforms.
Non‑bank financial institutions also grew, with resources up 4.6% to ₱6.1 trillion, reflecting broader financial deepening.
Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said the steady rise signals confidence among savers and investors.
“The sustained expansion reflects confidence. Households are saving more, firms are slowly borrowing again, and banks are deploying capital into higher-yielding securities. It’s a sign the financial system remains liquid and resilient,” Ravelas said.
