
MANILA, Philippines – Total resources of the country’s banking system strengthened further, booking a double-digit growth in September amid external shocks brought about by uncertainties on the interest rate lift-off in the US as well as the economic slowdown in China. Data from the Bangko Sentral ng Pilipinas (BSP) showed total resources of the Philippine financial system grew 10.6 percent to P11.9 trillion in end September from P10.7 trillion in end September last year. As a percent of gross domestic product (GDP), the country’s banking resources stood at 90.6 percent. Big banks or universal and commercial banks continued to account for 90 percent of the total resources of the banking system. The continued rise in resources including deposits, profits, and retained earnings indicate banks have the ability to service funding needs of corporate and household clients. At the same time, this shows banks have enough to act as a buffer against any external shocks. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Statistics from the BSP showed bank deposits rose 7.8 percent to P6.9 trillion in the first nine months from P6.4 trillion in the same period last year as more and more Filipinos are saving. The BSP said savings deposits increased 9.3 percent, while demand deposits jumped 15.3 percent in end September and foreign currency deposits owned by residents surged 13.7 percent. On the other hand, time deposits declined 1.4 percent in the first nine months of the year. “Savings and time deposits remained the primary sources of Read More …