Financial system resources hit P35.3 T

The country's financial system resources grew by nearly seven percent as of end-October, driven by asset expansion in banks and non-bank financial institutions, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).

- By MARCO LUIS BEECH

Total resources of the Philippine financial system increased by 6.7 percent to P35.31 trillion as of October, up from P33.08 trillion in the same period last year. These resources consist of funds and assets, including deposits, capital, bonds and debt securities.

Resource growth was primarily fueled by the 7.2-percent expansion in banks to P29.21 trillion from P27.25 trillion. It accounted for nearly 83 percent of the financial industry's total assets.