Phl banks assets climb past ₱30.7-T

Total assets of the Philippine banking system rose by more than 10 percent year-on-year in July, reaching ₱30.71 trillion, according to the Bangko Sentral ng Pilipinas (BSP).

BSP data showed that the July figure was up from ₱27.74 trillion recorded in the same month last year.

On a month-on-month basis, however, total bank assets declined from ₱31.12 trillion in June.

Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the monthly decline partly to fewer working days and weaker economic activity caused by weather-related disruptions.

He also cited volatility in financial markets triggered by the Middle East conflict and the impact of higher bad loans.

Despite these pressures, Ricafort said the banking industry remains capable of supporting economic expansion.

“[Banks are] definitely, strong and sound, supportive of long-term economic growth and development that is more inclusive,” he said.

Reyes Tacandong & Co. Senior Adviser Jonathan Ravelas likewise said the banking sector continues to provide support for economic growth despite external challenges.

“The banking sector remains well-capitalized, liquid, and supportive of growth despite external uncertainties and softer global economic conditions,” he said.