PH financial sector resources hit P33.66T

THE financial sector's resources amounted to P33.66 trillion in January, data from the Bangko Sentral ng Pilipinas (BSP) showed, 7.9 percent more than the P31.18 trillion recorded a year earlier.

Total financial resources are classified according to types of banks — universal/commercial, thrift, rural and nonbank financial intermediaries — and include assets before provisions for anticipated losses, bond discounts or premiums and market gains or losses.

Bank resources rose by 9.1 percent in January to P27.95 trillion from P25.2 trillion.

Universal and commercial banks accounted for the bulk at P26.14 trillion, 8.9 percent higher than the P24 trillion a year ago.

Thrift banks held P1.16 trillion, 7.3 percent more than the P1.1 trillion seen in January last year, while rural and cooperative banks accounted for P527.1 billion or 18.1 percent more than P446.5 billion a year ago.

Money in digital banks amounted to P133.3 million — an increase of 43.9 percent from the year-earlier P92.6 million

Nonbank financial institutions, meanwhile, posted a 2.6-percent gain to P5.7 trillion from P5.56 trillion a year earlier.

Nonbanks are composed of BSP-supervised investment houses, financing companies, securities dealers/brokers, pawnshops, lending investors, nonstock savings and loan associations, credit card companies, government nonbank financial institutions and authorized agent banks' forex corporations, with assets reported gross of allowance for probable losses and net of depreciation.

Nonbank institutions include the Social Security System, the Government Service Insurance System and private insurance companies.