Philippine banks' assets expand 12% in April 

The total assets of the country's banking sector rose by 12 percent as of end-April this year, according to a report by Philippine News Agency.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed that the total assets of the Philippine banking sector went up to PHP25.48 trillion from PHP22.75 trillion in April last year.

The total assets during the month, however, was lower than the PHP25.6 trillion recorded in March this year.

Rizal Commercial Banking Corporation chief economist Michael Ricafort in a Viber message on Wednesday said the 12-percent year-on-year growth in the total resources of banks is more than twice the country's gross domestic product growth.

Ricafort said this is "a good signal on the resilience of the banking industry, as this also reflects loan growth near 10 percent recently that would still be a bright spot for the Philippine economy."

"The month-on-month decline in assets could be attributed to tax payments by banks and some of their clients since April is the tax filing and payment season in a typical year, based on consistent patterns seen for many years," he said.

Ricafort said the banking industry continues to be one of the most profitable and most resilient industries in the country despite challenges such as the coronavirus disease 2019 pandemic.

"This also reflects consistent double-digit growth in banks’ net income for many years," he said.