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Continued growth in deposits in Philippine banks

Continued growth in deposits in Philippine banks

(15 May 2013 – Philippines) Banking system deposits in the Philippines have risen by 10.7 percent in the first two months of the year to US$107 billion (A$107 billion) from US$97 billion year-on-year.

The Bangko Sentral ng Pilipinas (BSP), the central bank said the continued growth in deposits highlighted the ability of banks to provide credit to the economy and also reflected depositors’ sustained confidence in the banking system.

Demand deposits posted the fastest year-on-year increase of 11.6 percent by crossing the trillion peso mark to P1.079 trillion (A$26 billion).

Savings deposits jumped 10.7 percent to US$54 billion from US$48 billion a year earlier. Time deposits increased almost a tenth to US$27 billion.

The central bank deposits data differ from that of the Philippine Deposit Insurance Corp., which is the more expanded version to include, among others, money in foreign currency deposit units.

As of April, peso loans granted by the BSP to banks under its rediscounting facility expanded 5.4 percent to US$308 million from US$292 million a year ago.

Dollar loans usually granted to exporters fell 0.8 percent year-on-year to US$52.4 million during the first four months.

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