Financial system resources grow to P35.3 trillion

THE TOTAL RESOURCES of the Philippines’ financial system climbed to over P35 trillion as of October, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

- Katherine K. Chan

Resources of banks and non-bank financial institutions increased by 6.76% to P35.312 trillion at end-October from P33.077 trillion in the same period last year.

However, this slipped by 1.3% from the P35.775 trillion seen at end-September.

The financial system’s resources include funds and assets such as deposits, capital, and bonds or debt securities.

Preliminary central bank data showed the banking sector's resources stood at P29.208 trillion as of October, climbing by 7.19% from P27.249 trillion a year ago.

Broken down, total resources held by universal and commercial banks rose by 6.42% to P27.126 trillion at end-October from P25.49 trillion the previous year.

Thrift banks had P1.421 trillion in total resources during the period, jumping 24% year on year from P1.146 trillion.

Total resources of digital banks amounted to P155 billion, growing by 36.2% from P113.8 billion in the comparable year-ago period.

Lastly, resources of rural and cooperative banks inched up by 1.53% to P505.9 billion from P498.3 billion.