Philippine banks’ total resources up 10%

The total resources of the Philippine banking system rose by almost 10 percent at the end of September. This is indicative of the public’s continued trust in the banking sector, according to the Bangko Sentral ng Pilipinas.

Banks’ total resources went up by 9.6 percent to P7.4 trillion as of end-September 2011 with the universal and commercial banks accounting for almost 90 percent of the total resources of the banking system.

BSP said that the Philippine banking system remained resilient and robust on the back of steady asset growth, growing deposit base, ample liquidity and above standard solvency ratios.

"Sustained implementation of key financial sector reforms together with the improving macroeconomic environment augured well for the system during the quarter in review," BSP said.

Savings and time deposits remained the primary sources of funds for banks. Banks’ total deposits as of end-September 2011 amounted to P3.8 trillion, 5.6 percent higher than the year-ago level of P3.6 trillion.