Philippine deposits surge to US$120 billion

The Philippine baking system showed robust deposit strength in 2011.

The government reported that total deposits in the Philippine banking system grew to US$120 billion in 2011, an increase of 4.9% or US$5.89 billion

Commercial banks held some 88% or US$111 billion of total deposits. Its deposits rose by 5.4%, a rate some four times that for thrift banks and rural banks.

Some US$60.7 billion of total deposits were in savings accounts, which grew by 8.3%.

Thrift banks held US$11.6 billion of total deposits and rural banks, US$2.9 billion.

Government funds in banks rose by 23% to US$14.7 billion from US$11.9 billion in 2010.

Individual depositors owned 56% or US$70.7 billion of all deposits while private firms had 28.6% and government offices, 11.2%.