Manila: Total assets of the Philippine banking sector went up by over 7 percent as of end-March this year.

According to Philippines News Agency, data released by the Bangko Sentral ng Pilipinas (BSP) showed that the total assets of the banking sector amounted to PHP27.64 trillion in March this year, up by 7.7 percent from PHP25.65 trillion in the same month last year.

Rizal Commercial Banking Corporation chief economist Michael Ricafort said the continued growth in banks' total assets may be attributed to the growth in loans and investments. "[It] is also supported by the continued growth in bank deposits that partly helped fund the growth in loans and investments," Ricafort said.

He further noted, "Any further Fed and BSP (Bangko Sentral ng Pilipinas) rate cuts would lead to more trading and other investment gains for banks."