The total deposit liabilities of the domestic banking system further rose to a record-high of P12.745 trillion last year, the latest Philippine Deposit Insurance Corp. (PDIC) data showed.
The end-2018 domestic deposits across commercial, thrift and rural banks grew 8.8 percent from P11.711 trillion in 2017.
Year-on-year, all bank types registered positive growth in domestic deposits. Commercial banks posted the fastest growth 9.2 percent, followed by rural banks at 6 percent, and thrift banks at 4.9 percent.
End-2018 deposits in commercial banks reached P11.576 trillion, or 90.8 percent of the industry total; in thrift banks, P991.7 billion (7.8 percent of the total), and in rural banks, P177.4 billion (1.4 percent of total).
“The total domestic deposit accounts increased by 5.8 million, or 10.1 percent, from the 57.1 million accounts as of end-December 2017, to reach 62.9 million as of end-December 2018,” PDIC said.
Deposit accounts in rural banks grew 11.3 percent to 8.7 million; in commercial banks, up 10.1 percent to 46.7 million, and thrift banks, up 9.2 percent to 7.5 million.
PDIC said “savings deposits and time deposits were the main types of bank deposit products, which jointly accounted for 75.2 percent of the total domestic deposits, as of end-December 2018.”
“Nearly half of the domestic deposits, equivalent to P6 trillion, were savings deposits, such as regular deposits (71.1 percent), other deposits (28.3 percent), kids and teen deposits (0.6 percent) and basic deposits (0.02 percent). Time deposits reached P3.6 trillion, or 28 percent of the total domestic deposits,” it said.
“Individuals and private corporations made up 78.8 percent of the total domestic deposits in the Philippine banking system, while 13.6 percent belonged to government. Banks, trust departments, and nonresidents accounted for the balance,” it added.