PHL financial system resources settle at P34.6T at end-July

THE TOTAL RESOURCES of the Philippines' financial system grew by 6.4% year on year as of July, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

- Katherine K. Chan

Resources held by banks and nonbank financial institutions climbed by 6.4% to P34.592 trillion in the first seven months of the year from P32.504 trillion a year ago.

Total resources slipped by 1.3% from the P35.17 trillion logged at end-June.

These resources include funds and assets such as deposits, capital, and bonds or debt securities.

Preliminary BSP data showed the banking sector's resources went up by 6.7% to P28.601 trillion at end-July from P26.799 trillion a year ago.

Resources of universal and commercial banks rose by 6.2% year on year to P26.664 trillion at end-July, while thrift banks' resources went up by 23.1% to P1.371 trillion and digital banks' resources jumped by 33.1% to P141.7 billion.

However, resources held by rural and cooperative banks declined by 11.3% to P424.9 billion at end-July.