Philippine banking resources up 6.85%

Increase in resources by 6.85 percent.

This covers 712 banks in operation in the Philippines, year-on-year, as of end of the third quarter this year.

Based on data from the Bangko Sentral ng Pilipinas showed, the total banking resources amounted to P7.864 trillion as of end-September from P7.36 trillion the same period in 2011.

These funds were channeled mostly to loans and portfolio investments.

The 37 universal and commercial banks accounted for P7.054 trillion of the entire industry resources, an increase of 6.5 percent from last year’s P6.598 trillion. The 69 thrift banks contributed P622 billion, up from P576 billion in September, 2011 while the smaller rural banks of which there are 566, had such a minimal share that it was not even included in the data.

The BSP supervised non-bank financial institutions, in the meantime, had total resources of P2.04 trillion as of the third quarter, up 5.9 percent from P1.926 trillion in 2011. These are financial institutions with quasi

banking functions and those without quasi-banking functions such as non-stock savings and loan associations and pawnshops.

The central bank monitors 6,595 non-bank financial institutions, of which 6,463 are pawnshops.

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