Financial system grows by over seven pct to ₱33.61T

As of February 2025, the Philippine financial system's total resources expanded to ₱33.61 trillion, marking a growth of over seven percent compared to ₱31.33 trillion in 2024.

The banking sector contributed significantly with an increase of nearly eight percent to ₱27.78 trillion, while digital banks experienced a surge of more than 33 percent.

Nonbanks' resources grew by approximately five percent to ₱5.83 trillion as of end-September 2024, reflecting the broad growth in financial institutions across sectors.

Rizal Commercial Banking Corp.'s chief economist Michael Ricafort attributed this growth to strong consumer loan demand and favorable demographics, noting that lower interest rates have eased borrowing costs and boosted loan demand.

The latest data from the Bangko Sentral ng Pilipinas (BSP) also showed a month-on-month decline of 0.49% in financial resources as of January due to market volatility and economic uncertainties.