THE Philippine financial system’s total resources continued to rise at end-September, based on preliminary data from the Bangko Sentral ng Pilipinas (BSP).
Resources of banks and nonbank financial institutions grew by 7.9% to P29.855 trillion in the first nine months of the year from P27.647 trillion in the same period in 2022.
Banks and nonbank financial firms hold resources that include funds and assets such as deposits, capital, and bonds or debt securities.
BSP data showed banking resources rose by 8.7% to P24.705 trillion at end-September from P22.722 trillion a year prior. Banks include universal and commercial banks, thrift banks, as well as rural and cooperative banks.
Broken down, total resources held by universal and commercial banks stood at P23.228 trillion as of September, up by 8.8% from P21.356 trillion a year ago.
Thrift banks held P1.068 trillion of total resources, increasing by 9.5% from P975 billion a year ago, while the resources of rural and cooperative banks climbed by 4.6% to P408 billion year on year.
Meanwhile, the resources of nonbank financial institutions went up by 4.6% to P5.151 trillion from P4.926 trillion a year prior.
Nonbank financial institutions include investment houses, finance companies, security dealers, pawnshops and lending companies. Institutions such as nonstock savings and loan associations, credit card companies, private insurance firms, the Social Security System and the Government Service Insurance System are also considered nonbanks.
The financial system’s total resources stood at P28.806 trillion in 2022, up by 9.3% from a year prior. — Keisha B. Ta-asan