The Bangko Sentral ng Pilipinas (BSP) reports a significant increase in the total resources of the Philippine financial sector in November 2024, driven primarily by growth in bank resources.
The Philippine financial sector experienced significant growth in November 2024, with total resources expanding by 8.82 percent compared to the same period last year. According to data released by the Bangko Sentral ng Pilipinas ( BSP ), the financial system's total resources reached P33.076 trillion in November 2024, up from P30.394 trillion in November 2023.Banks played a dominant role in this growth, accounting for the majority of the increase. Their resources surged by 9.56 percent to P27.
55 trillion in November 2024, from P25.147 trillion in the previous year. Universal and Commercial Banks (UKBs) spearheaded this growth, holding P25.786 trillion in resources.The remaining bank resources were distributed among thrift banks, rural banks, and digital banks. While thrift banks saw a 7.1 percent increase in resources, reaching P1.148 trillion, rural and cooperative banks (RCBs) and digital banks (DGBs) demonstrated the most impressive growth. RCB resources climbed 17 percent to P498.3 billion, while DGB resources skyrocketed by 39.93 percent to P119.5 billion. Non-Bank Financial Institutions (NBFIs) also contributed to the overall growth, with their resources expanding by 5.28 percent to P5.525 trillion. It's important to note that the BSP data excludes resources held by the BSP itself and is based on the Consolidated Statement of Condition (CSOC).
FINANCE BANKING GROWTH BSP PHILIPPINE ECONOMY
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