PH financial sector’s total resources up by 10% in June

Bangko Sentral ng Pilipinas (File photo / Philippine Daily Inquirer)

MANILA – The total resources of the country’s financial sector went up by 10.5 percent as of end-June, data from the Bangko Sentral ng Pilipinas (BSP) showed.

BSP data released on Wednesday showed that the total resources of banks and non-bank financial institutions amounted to P32.3 trillion, higher than P29.2 trillion in June last year.

Data showed that banks’ total resources amounted to P27 trillion, up from last year’s P24.05 trillion.

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Broken down, the total resources of universal and commercial banks rose to P25.3 trillion while thrift banks’ resources, likewise, increased to P1.1 trillion.

Resources of digital banks amounted to P111 billion while those of rural and cooperative banks reached P458 billion as of end-March.

Data from the BSP also showed that the total resources of non-banks rose to P5.3 trillion as of March.

Non-banks include BSP-supervised investment houses, financing companies, investment companies, securities dealers or brokers, pawnshops, lending investors, non-stock savings and loan associations, credit card companies, government non-bank financial institutions, and authorized agent banks and forex corporations.

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Rizal Commercial Banking Corp. chief economist Michael Ricafort said the increase in resources was similar and consistent with the more than 10 percent growth in loans.

“(It) is also consistent with (the) growth in bank deposits, as well as the continued growth in net income of banks,” he said in a Viber message.

“Higher net income of banks also added to banks’ capital, all of which added to the latest growth in banks’ total resources at a faster rate than economic growth,” Ricafort added.