Bank deposits reach P7.6T at end-Aug.
Deposit liabilities of the banking system further increased to P7.6 trillion as of August on the back of a growing economy and the government’s moves to promote greater financial inclusion.
In a report, the Bangko Sentral ng Pilipinas (BSP) said the end-August total peso-denominated deposits were 12.5-percent higher than a year ago and up 0.1 percent from a quarter ago.
“On a year-on-year basis, savings, demand, and time deposits expanded by 14.8 percent, 16.8 percent, and 3.5 percent, respectively,” in August, the BSP added.
It said savings and demand deposits “remained the primary sources of funds for the banking system.”
Foreign currency deposits owned by residents also rose 6.4 percent year-on-year to P1.5 trillion as of August, BSP data showed.
The domestic banking system’s total resources also grew, increasing 11.8 percent to P12.9 trillion as of end-June from P11.5 trillion in the first half of last year.
“As a percent of GDP (gross domestic product), total resources stood at 93 percent,” the BSP said.
“The Philippine banking system continues to be resilient in supporting the economy’s long-term growth. This was evident in banks’ balance sheets that are marked by steady growth in assets and deposits,” it added.
The number of banks further dropped to 618 at the end of the first half due to “continued consolidation of banks as well as the exit of weaker players.” —Ben O. de Vera
