Digital bank deposits hit P100B for the first time

THE Philippine banking system’s total deposits rose by 5.4% year on year to over P20 trillion as of the first quarter, the latest data from the Bangko Sentral ng Pilipinas (BSP) showed, as digital bank deposits surpassed the P100-billion mark for the first time.

- By Luisa Maria Jacinta C. Jocson Senior Reporter

BSP data showed the banking industry’s deposits increased to P20.2 trillion as of end March from P19.1 trillion in the same period in 2024.

The number of deposit accounts climbed by 19.1% to 150.8 million from 126.6 million year on year. The number of depositors likewise jumped by 16.7% to 134.5 million from 115.3 million.

Savings deposit accounts reached P8.82 trillion, while regular savings hit P7.47 trillion. Time deposits stood at P5.78 trillion, while demand deposits reached P5.54 trillion.

Broken down, universal and commercial banks held deposits worth P18.86 trillion at end-March, up by 5.1% from P17.95 trillion a year ago.

Big banks had a total of 94.2 million accounts and 86.7 million depositors in the first three months of the year.