Phl banking sector assets surge over 9%

The Philippine banking sector saw significant growth in total assets, increasing by 9.3% year-on-year to P27.11 trillion as of January, according to data from the Bangko Sentral ng Pilipinas (BSP). This marks a notable rise from P24.81 trillion recorded in the same period last year.

Industry experts attribute this growth to the strong profitability of Philippine banks, which have consistently outpaced the country’s GDP growth. 

Rizal Commercial Banking Corporation chief economist Michael Ricafort noted that robust earnings, alongside capital-raising efforts through capital markets and strategic investments, have contributed to the sector’s expanding asset base.

He added that the continued expansion of the Philippine economy bodes well for the banking sector, driving increased lending, deposit growth, and higher revenues. 

Ricafort highlighted that Philippine banks maintain capital levels well above the minimum regulatory standards, with capitalization exceeding both the local 10% requirement and the international 8% benchmark.