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Manila Bulletin devider Business devider Banking & Finance devider Deposit insurance doubling boosts Philippine bank resources to all-time high

Deposit insurance doubling boosts Philippine bank resources to all-time high

Published Aug 16, 2026 07:00 pm  |  Updated Aug 15, 2026 02:46 pm

At A Glance

  • Total resources of the Philippine financial system climbed to a record ₱38.31 trillion by mid-year, fueled by steady growth in lending activity and stronger deposit growth following the doubling of bank insurance coverage.
The Philippine financial system’s total resources climbed to a record ₱38.31 trillion at the end of the second quarter, driven by sustained loan expansion and accelerated deposit accumulation following a major increase in deposit insurance coverage.
According to preliminary data from the Bangko Sentral ng Pilipinas (BSP), the June 2026 record is a 1.8 percent increase from the ₱37.64 trillion recorded in May.
This expansion was led by the banking sector, whose total resources rose to ₱31.96 trillion from ₱31.29 trillion the previous month. Banking continues to dominate the system, accounting for roughly 83.4 percent of total resources, which encompass deposits, capital, and debt securities.
Across bank categories, universal and commercial banks grew their resources to ₱29.65 trillion from ₱29.01 trillion in May, while thrift banks saw a rise to ₱1.51 trillion from ₱1.49 trillion.
Digital banks maintained their steady growth trajectory, advancing to ₱208.4 billion from ₱203.7 billion. Meanwhile, resources for rural and cooperative banks stood at ₱587 billion, based on the latest available data as of end-March 2026.
Non-bank financial institutions (NBFIs) held ₱6.35 trillion in resources, representing roughly 16.6 percent of the total. The reported June figures for NBFIs remain unchanged from previous months, as they reflect data as of end-December 2025.
According to the BSP, this sector encompasses investment houses, financing companies, securities dealers, pawnshops, lending investors, non-stock savings and loan associations, credit card firms, and both private and state-run insurers such as the Social Security System and the Government Service Insurance System.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the sustained resource growth was largely driven by solid bank asset expansion and steady credit growth in recent months.
He added that higher deposits provided lenders with more resources to support lending and other operations, boosted by the recent doubling of maximum deposit insurance coverage to ₱1 million, which strengthened public confidence in the banking system.

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Bangko Sentral ng Pilipinas (BSP) Banks
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