PH financial assets top ₱35.6 T

The total resources of the Philippine financial system soared to a record ₱35.58 trillion in the first nine months of the year, driven by the recent lowering of key borrowing costs.

- By DERCO ROSAL

According to preliminary data from the Bangko Sentral ng Pilipinas (BSP), the increase of ₱2.18 trillion, or 6.5 percent, from ₱33.4 trillion in the same nine-month period in 2024, pushed the system's total assets to the highest level in its history.

The end-September figure surpassed the previous record high of ₱35.06 trillion set at the end of June. These resources include assets like deposits, capital, and debt securities.

Banks accounted for the bulk of the increase, with their total resources rising 7.3 percent to ₱29.59 trillion at end-September, from ₱27.57 trillion a year earlier. Banks now hold 83.2 percent of the financial system's total resources.

Big banks, specifically universal and commercial banks, held ₱27.61 trillion in resources, a 6.9 percent increase from last year's ₱25.82 trillion. Thrift banks posted a significant jump, with resources climbing 23.1 percent to ₱1.4 trillion from ₱1.14 trillion a year earlier.