Financial system’s resources rise as of May
THE TOTAL resources of the country’s financial system continued to rise at end-May, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.
Resources of banks and nonbank financial institutions increased by 7.8% to P28.528 trillion in the first five months of the year from P26.463 trillion in the same period in 2022.
According to data from the central bank, banking resources rose by 9.1% to P23.495 trillion at end-May from P21.527 trillion a year prior. Banks include universal and commercial banks, thrift banks, as well as rural and cooperative banks.
Broken down, universal and commercial banks held P22.078 trillion of total banking resources, 9.2% higher than the P20.214 trillion logged in the comparable year-ago period.
Resources of thrift banks hit P1.008 trillion, inching up by 5% from P954 billion a year ago.
Meanwhile, total resources of rural and cooperative banks climbed by 13.6% to P408 billion from just P359 billion in 2022.
On the other hand, nonbanks’ resources grew by 1.9% to P5.034 trillion from P4.936 trillion as of end-May 2022.
Nonbank financial institutions include investment houses, finance companies, security dealers, pawnshops and lending companies.
Institutions such as nonstock savings and loan associations, credit card companies, private insurance firms, the Social Security System and the Government Service Insurance System are also considered nonbanks. — K.B. Ta-asan
