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The total deposit liabilities of the banking system further increased to a record P11 trillion in the first half, the latest data of state-run Philippine Deposit Insurance Corp. (PDIC) showed.
The end-June deposits across commercial, thrift and rural banks climbed 14.2 percent from P9.6 trillion a year ago, and rose 3.6 percent from P10.6 trillion a quarter ago.
“Year-on-year, all bank types registered a positive growth in domestic deposits. Commercial banks registered the fastest expansion at 14.3 percent, followed by thrift banks at 13.4 percent and rural banks at 8.9 percent,” the PDIC said in a report.
End-June deposits in commercial banks amounted P9.9 trillion, accounting for 90 percent of the total; in thrift banks, P933.9 billion (8.5 percent of total); and rural banks, P161.9 billion (1.5 percent).
Also, “total domestic deposit accounts increased by 2.9 million, or 5.6 percent, from the 52.4 million accounts as of end-June 2016, to reach 55.3 million as of end-June 2017,” the PDIC added.
Deposit accounts in rural banks grew 12.1 percent year-on-year to 7.4 million at end-June; in thrift banks, up 7.1 percent to 6.6 million; and commercial banks, up 4.3 percent to 41.4 million.
According to the PDIC, “savings and time deposits were the main sources of bank funds, which jointly accounted for 75.6 percent of the total domestic deposits” at the end of the first half.
“Nearly half of the domestic deposits, equivalent to P5.3 trillion, were savings deposits. Time deposits reached P3 trillion, accounting for 27.4 percent of the total domestic deposits,” the PDIC said.
Per type of depositors, “individuals, private corporations, and government were the largest groups of domestic depositors in the Philippine banking system,” as “their aggregate domestic deposits totaled P10.3 trillion or 93.9 percent of the total domestic deposits,” according to the PDIC. /kga