Manila: The total resources of the Philippine financial sector experienced a significant increase of 7.9% in January, as reported by the Bangko Sentral ng Pilipinas (BSP).
According to Philippines News Agency, preliminary data released by the BSP on Tuesday indicated that the collective resources of banks and non-bank financial institutions rose to PHP33.66 trillion from PHP31.18 trillion in January 2024. This growth reflects a robust expansion in the financial sector's capacity.
The data revealed that banks' total resources saw a rise to PHP27.5 trillion, compared to PHP25.62 trillion in the previous year. Universal and commercial banks contributed substantially to this increase, with their resources escalating from PHP24 trillion to PHP26.14 trillion.
Thrift banks also showed growth, with resources climbing to PHP1.15 trillion from the previous PHP1.07 trillion. Digital banks marked a notable increase, reaching PHP133.3 billion from PHP92.6 billion. Similarly, rural and cooperative banks' resources jumped to PHP527.1 billion from PHP446.5 billion.
The report also highlighted that non-bank financial institutions' total resources grew to PHP5.70 trillion from PHP5.56 trillion. These non-banks encompass a range of entities such as BSP-supervised investment houses, financing and investment companies, securities dealers or brokers, pawnshops, lending investors, and various government and authorized financial entities.
