Deposits surge in Philippines
(14 March 2012 – Philippines) Philippine deposits surged to US$120 billion (A$114 billion) in 2011 according to a government report.
The robust deposit strength increased by about 4.9 percent or US$5.89 billion.
Commercial banks held 88 percent or US$111 billion of total deposits. Its deposits rose by 5.4 percent, a rate some four times that for thrift banks and rural banks.
Around US$60.7 billion of total deposits were in savings accounts, which grew by 8.3 percent.
Thrift banks held US$11.6 billion of total deposits and rural banks, US$2.9 billion.
Government funds in banks rose by 23 percent to US$14.7 billion from US$11.9 billion in 2010.
Individual depositors owned 56 percent or US$70.7 billion of all deposits while private firms had 28.6 percent and government offices, 11.2 percent.
Commercial banks held 88 percent or US$111 billion of total deposits. Its deposits rose by 5.4 percent, a rate some four times that for thrift banks and rural banks.
Around US$60.7 billion of total deposits were in savings accounts, which grew by 8.3 percent.
Thrift banks held US$11.6 billion of total deposits and rural banks, US$2.9 billion.
Government funds in banks rose by 23 percent to US$14.7 billion from US$11.9 billion in 2010.
Individual depositors owned 56 percent or US$70.7 billion of all deposits while private firms had 28.6 percent and government offices, 11.2 percent.
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