Financial system resources jump by 6.3% at end-August

THE TOTAL RESOURCES of the Philippine financial system climbed by 6.3% year on year in the first eight months, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

-  - Katherine K. Chan

Resources held by banks and nonbank financial institutions rose to P34.577 trillion in the January-to-August period from P32.513 trillion the prior year.

However, it dipped by 0.04% from the P34.592 trillion recorded as of end-July.

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

Based on preliminary central bank data, banks’ resources increased by 6.6% to P28.586 trillion as of end-August from P26.809 trillion a year ago.

Broken down, resources held by universal and commercial banks went up by 6.2% to P26.632 trillion at end-August from P25.087 trillion last year.

Thrift banks’ resources likewise jumped by 21.8% year on year to P1.38 trillion at end-August from P1.133 trillion a year ago.