PH financial resources up 7.9% in Sept.
Resources for the Philippine financial system increased to P27.42 trillion (US$478 billion) in September, up 7.9% from last year’s P25.39 trillion (US$442 billion), said the Bangko Sentral ng Pilipinas (BSP).
In its latest data, the central bank said that the bulk of the total resources came from the banking sector with P22.65 trillion (US$394 billion), up 9.43% year-on-year.
Specifically, resources from big banks — also referred to as universal and commercial banks —- grew by 11.70% to P21.31 trillion (US$371 billion) as of end-September. On the other hand, thrift banks’ resources dropped by 25.53% to P945 billion (US$16.4 billion).
Meanwhile, figures for rural banks are still being updated from its P375 billion (US$6.53 billion) count last June.
Based on the latest BSP Banking Sector Outlook Survey (BSOS), banks are expecting a continued recovery in the next two years with above six-percent economic growth, adequate capital and liquidity buffers, ample loan loss reserves, and sustained profits.
The big banks are the most optimistic group, while the BSP said thrift banks and rural/cooperative banks have a more subdued outlook.
As of October 2022, the BSP is supervising 498 banks and regulating 1,334 non-banks without quasi-banking functions.
Related news
- PH reserves down to $93Bn in November · 9 Dec
- NY IT firm Mphasis Corp to set up BPO operations in PH · 5 May
- US-based BPO launches new office in Davao · 21 Nov
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
