Latest data from the Bangko Sentral ng Pilipinas (BSP) revealed a significant increase in the total resources of the Philippine financial system, surpassing the P30-trillion mark. The combined assets of banks and non-bank financial institutions experienced an 8.68 percent growth, reaching P30.276 trillion by the end of November last year, up from P27.857 trillion in the same period in 2022.

These resources encompass various funds and assets, including deposits, capital, bonds, and debt securities. The expansion was predominantly driven by a notable nine percent increase in the assets of universal and commercial banks, amounting to P23.564 trillion, which accounted for 93.8 percent of the banking industry’s total resources of P25.125 trillion as of end-November 2023. Meanwhile, the assets of thrift banks grew by 7.5 percent to P1.072 trillion, and mid-sized banks held four percent of the overall banking resources.

Rural and cooperative banks also experienced a four percent growth in assets, reaching P404 billion. Additionally, non-bank institutions, including BSP-supervised investment houses, financing and investment companies, securities dealers and brokers, pawnshops, and lending investors, saw a 4.5 percent increase in their resources, totaling P5.151 trillion. These institutions also encompass non-stock savings and loan associations, credit card companies, state non-bank financial institutions, and authorized agent banks.

Furthermore, the assets of entities such as the Social Security System, Government Service Insurance System, and private insurance companies, net of allowance for probable losses and depreciation, were also part of the non-bank institutions’ growth. The BSP’s report reflects a notable expansion in the Philippine financial sector, signifying a robust and growing economy.