MANILA, Philippines — The total resources of the country’s financial system went up by almost 10 percent to breach the P30-trillion level, the Bangko Sentral ng Pilipinas (BSP) said.
Latest data from the BSP showed that banks and non-bank financial institutions booked an aggregate 8.68 percent growth in assets to reach P30.276 trillion as of end-November last year from P27.857 trillion in the same period in 2022.
These resources include funds and assets such as deposits, capital, bonds and debt securities.
The growth in resources was fueled by the nine percent expansion in the assets of universal and commercial banks to P23.564 trillion.
Big banks accounted for 93.8 percent of the banking industry’s total resources which stood at P25.125 trillion as of end-November 2023.
Similarly, assets of thrift banks grew 7.5 percent to P1.072 trillion from P997 billion. Mid-sized banks cornered four percent of the overall banking resources.
On the other hand, the assets of rural and cooperative banks also inched up by four percent to P404 billion.
Non-banks likewise grew their resources by 4.5 percent to P5.151 trillion.
Non-bank institutions include BSP-supervised investment houses, financing and investment companies, securities dealers and brokers, pawnshops, and lending investors.
They also cover non-stock savings and loan associations, credit card companies, state non-bank financial institutions, and authorized agent banks.
Non-bank institutions likewise include the Social Security System, Government Service Insurance System, and private insurance companies wherein assets are reported net of allowance for probable losses and depreciation.