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Philippine Financial Sector Sees 7.9% Growth in Total Resources, Banks Drive Expansion

MANILA, Philippines — According to preliminary data from the Bangko Sentral ng Pilipinas (BSP), the combined resources of banks and non-bank financial institutions grew by 7.9 percent to P30.87 trillion as of end-February, up from P28.58 trillion a year earlier.

These resources, which mainly consist of deposits, capital bonds, and debt securities, play a vital role in supporting economic activities and investments, thereby contributing to overall economic growth.

The growth in total resources was primarily driven by a 9.5 percent expansion in bank resources, which reached P25.75 trillion as of February compared to P23.53 trillion in the same period last year.

Within the banking sector, universal and commercial banks accounted for the majority of the assets, totaling P24.14 trillion—an increase of 9.2 percent from the previous year. These larger banks represented 78.2 percent of the sector’s total resources.

Thrift banks also saw growth, with total resources reaching P1.09 trillion, a 7.7 percent increase year-on-year, and covering 3.5 percent of the overall resources.

The emergence of digital banks, with a total of six players including Tonik Digital Bank, GoTyme Bank, and Maya Bank, contributed P95 billion in total resources as of February. However, data for rural and cooperative banks, as well as updated figures for non-banking financial institutions, are still pending release by the BSP.

Rural and cooperative banks had assets amounting to P426 billion as of end-September 2023, while non-bank financial institutions collectively held P5.12 trillion in resources during the same period. These non-bank entities encompass various institutions supervised by the BSP, such as investment houses, financing companies, securities dealers, pawnshops, and lending investors, among others.


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