Deposits placed in universal and commercial banks in the country grew by 3 percent to P4.56 trillion as of the end of the first quarter from P4.43 trillion in the same period last year.
The growth of deposits, which constitute the bulk of the industry’s total resources, would enable banks to extend more credits.
The BSP said the banking sector was expected to post a double-digit rise in outstanding loans this year. This is expected to benefit both individual borrowers and businesses.
Of the total deposits as of the end-March, P3.52 trillion was denominated in pesos. The balance of P1.03 trillion was in dollars and other foreign currencies.
The Bankers Association of the Philippines projects lending by universal and commercial banks to grow by between 10 and 15 percent this year.
Latest lending data from the BSP showed that outstanding loans from the large banks amounted to P2.89 trillion by the end of April, up by 19.2 percent year on year.
Officials said the rise of loans helped boost the growth of the economy to 6.4 percent in the first quarter.
Economic growth was registered at 4.9 percent in the first quarter of last year.
The BSP said rising deposits not only indicated growing income and improving penchant for savings of Filipinos. It said the rise in deposits also reflected sustained public confidence on the country’s banking sector.