Economy
Philippine Financial System's Total Resources Surpass PHP38.5 Trillion, Up 11%
The total resources of the Philippine financial system surged by 11.1% year-on-year to PHP38.56 trillion as of end-August 2023, according to data from the Bangko Sentral ng Pilipinas (BSP). This growth reflects increased bank loans, deposit growth, and higher loan demand.
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- Philippine Financial System Resources Hit Record P38.6 Trillion
The Philippine financial system's total resources reached a record P38.56 trillion in August, driven by the expansion of the banking sector, with digital banks showing notable growth. This indicates the stability and growth of the domestic economy.