Manila: Total assets of the Philippine banking sector went up by over 9 percent as of end-January this year. Data released by the Bangko Sentral ng Pilipinas (BSP) showed that the total assets of the banking sector amounted to PHP27.11 trillion in January this year, up by 9.3 percent from PHP24.81 trillion in the same month last year.

According to Philippines News Agency, Rizal Commercial Banking Corporation chief economist Michael Ricafort stated that the growth in Philippine banks' total assets aligns with their status as one of the most profitable industries in the country. Earnings growth for the largest banks has consistently outpaced the growth of the country's gross domestic product (GDP) over many years.

Ricafort explained that the significant earnings contribute to the capital of banks, in addition to their various fundraising efforts through capital markets or strategic investors. He emphasized that the banks are poised to gain from the ongoing expansion of the Philippine economy.

He further noted that the Philippines remains among the fastest-growing economies in Asia. Consequently, the banking industry stands to benefit significantly, experiencing faster growth in loans, deposits, spreads, fee income, and overall revenues. Additionally, banks' earnings and capitalization levels are significantly above the local minimum standard of 10% and the international minimum standard of 8%.