THE TOTAL RESOURCES of the Philippine financial system jumped to P32.332 trillion as of end-June, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

Resources of banks and nonbank financial institutions climbed by 10.5% in the first half from P29.25 trillion in the same period a year ago.

These resources include funds and assets such as deposits, capital, bonds or debt securities.

BSP data showed that banking resources rose by 12.3% to P27.009 trillion at end-June from P24.053 trillion a year earlier. These include those held by universal and commercial banks, thrift banks as well as rural and cooperative banks.

Broken down, total resources held by universal and commercial banks increased by 12.3% to P25.315 trillion from P22.546 trillion in the year-ago period.

Thrift banks had P1.125 trillion in total resources, up by 11.2% from P1.012 trillion a year prior.

Rural and cooperative banks’ resources stood at P458 billion at end-June. This was 10.4% higher than P415 billion in the previous year.

Resources of digital banks jumped by 40.5% to P111 billion from P79 billion.

Meanwhile, the resources of nonbank financial institutions edged up by 2.4% to P5.323 trillion from P5.197 trillion.

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. — Luisa Maria Jacinta C. Jocson

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