Philippines financial resources hit P33 trillion in November

The Philippine financial sector's total resources grew by 8.8 percent year-on-year, reaching PHP33.07 trillion by the end of November 2024, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).

The increase reflects a rise from PHP30.39 trillion recorded in the same period in 2023, driven by growth across both banking and non-bank financial institutions.

Banks accounted for PHP27.55 trillion of the total, an improvement from the PHP25.14 trillion reported a year earlier. Universal and commercial banks remained the dominant players, with their resources climbing to PHP25.78 trillion from PHP23.56 trillion. Thrift banks saw their resources increase to PHP1.14 trillion, while digital banks contributed PHP119.5 billion. Rural and cooperative banks collectively held PHP498.3 billion in resources.

Non-bank financial institutions also experienced growth, with their combined resources rising to PHP5.52 trillion from PHP5.24 trillion in November 2023. These institutions include BSP-supervised entities such as investment houses, financing and investment companies, securities brokers, pawnshops, credit card firms, and authorized forex dealers, among others.

The expansion highlights the resilience and steady growth of the Philippine financial sector amid ongoing economic recovery efforts. The BSP continues to monitor the performance of the sector to ensure financial stability and sustainable economic development.