PH bank deposits hit P22-T as of Q1 2026

Bank deposits in the Philippines surged by nearly double digits, growing 9.8% year-on-year to reach P22.04 trillion by the end of March 2026. According to the Philippine Deposit Insurance Corporation (PDIC), this marked a notable acceleration from the 5.3% growth recorded the previous year, following the doubling of the maximum deposit insurance coverage (MDIC) to P1 million in March 2025.

Individual depositors and private corporations drove more than three-quarters of this overall expansion, contributing P913.9 billion and P606.6 billion respectively. By account type, time deposits spearheaded the growth by capturing 45.5% of the increase as savers locked in competitive rates, alongside robust gains in demand and savings deposits.

The data also revealed an 18% jump in total deposit accounts to 178.6 million, with fully insured accounts reaching 176.5 million. This means that 98.8% of all domestic deposit accounts are fully protected under the enhanced PDIC coverage, reflecting strong public trust in the country’s banking