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Manila Bulletin devider Business devider Financial resources total P27.64 T end-Nov

Financial resources total P27.64 T end-Nov

Published Jan 16, 2023 03:30 pm

Resources of the country’s total financial system reached P27.638 trillion as of end-November 2022, higher by 7.62 percent compared to same period in 2021 of P25.681 trillion on higher deposits, bond issuances and capital infusion.

The banking sector’s resources accounted for P22.863 trillion of the total, up by nine percent from 2021’s P20.975 trillion.

The big banks, or the universal and commercial banks, cornered the bulk of these resources at P21.480 trillion, which was 11 percent more than same period of the previous year of P19.350 trillion.

Bank teller counting P1,000 bills/Bloomberg photo

The resources of the thrift banking sector, meantime, continued to decrease by 23 percent as of end-November 2022 to P993 billion versus P1.290 trillion in 2021.

Rural banks’ resources, which usually have a lag time, was reported at P390 billion as of end-June, up by 16.76 percent from same time in 2021 of P334 billion.

As for non-banks’ total resources which are also as of end-June only, amounted to P4.775 trillion, up by 1.44 percent from P4.707 trillion in 2021.

In a first semester 2022 financial sector report, the BSP said the expansion in total resources came largely from deposits which were channeled mostly to lending and investing activities.

In a separate data, as of end-November the total banking system’s total assets stood at P22.176 trillion, up 8.93 percent from same period in 2021 of P20.348 trillion.

By asset composition, the cash and due from banks dropped 19.57 percent to P2.728 trillion from P3.392 trillion while net investments increased by 16.48 percent to P6.402 trillion from P5.496 trillion. The net real and other properties acquired or ROPA also went up by eight percent to P103.152 billion from P95.495 billion in 2021

The BSP as of end-November 2022 monitors and supervises 45 big banks, 43 thrift banks and 403 rural and cooperative banks.

There are currently 1,334 non-banks without quasi banking functions such as pawnshops, and five non-banks with quasi banking functions.

Non-banks are investment houses, finance companies, investment companies, securities dealers/brokers, pawnshops and lending investors. Non Stocks Savings and Loan Associations, credit card companies under the BSP supervision, private insurance firms, Social Security System and the Government Service Insurance System are also classified as non-bank financial institutions.

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