Financial sector resources hit P34.3T

THE Philippine financial system's total resources grew by almost 6.78 percent in March, data from the Bangko Sentral ng Pilipinas (BSP) showed, rising to P34.29 trillion from the P32.11 a year earlier.

Banks accounted for the bulk of these at P28.46 trillion, increasing by 7.58 percent from P26.45 trillion previously.

Universal and commercial banks accounted for the bulk at P26.63 trillion, an increase of 7.46 percent compared to P24.78 trillion a year ago.

Thrift banks held P1.17 trillion, 5.23 percent more than the P1.12 trillion in March last year.

Money in digital banks amounted to P130.4 billion, up by 28.6 percent from the P101.4 billion during the same period last year.

Rural and cooperative banks contributed P527.1 billion, a 15.11 percent growth from the P457.9 in March 2024.

Non-bank financial institutions (NBFIs) accounted for the remaining P5.83 trillion, which up by 3.05 percent from last year's P5.66 trillion.

NBFIs include BSP-supervised investment houses, financing companies, investment companies, securities dealers/brokers, pawnshops, lending investors, nonstock savings and loan associations, credit card companies, government nonbank financial institutions, and authorized agent banks' forex corporations, where assets reported gross of allowance for probable losses and net of depreciation.

These include the Social Security System, the Government Service Insurance System, and private insurance companies.