Phl financial sector records 8% growth in January

The total resources of the Philippine financial sector grew by 7.9% in January 2025, reaching P33.66 trillion from PHP31.18 trillion in the same period last year, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP) released recently.

Banks remained the primary driver of this expansion, with their total resources rising to P27.5 trillion, up from P25.62 trillion in January 2024.

Breaking it down further, universal and commercial banks accounted for the largest share, with resources increasing to P26.14 trillion from P24 trillion. Thrift banks also saw growth, reaching P1.15 trillion from P1.07 trillion, while digital banks expanded their resources to P133.3 billion from P92.6 billion. Rural and cooperative banks followed the upward trend, growing to P527.1 billion from P446.5 billion.

Non-bank financial institutions, which include investment houses, financing companies, securities dealers, pawnshops, and other BSP-supervised entities, also posted an increase. Their total resources rose to P5.70 trillion from P5.56 trillion in January 2024.

The steady expansion of both banking and non-banking financial sectors highlights the continued strength and resilience of the Philippine financial system as it supports economic activity and investment growth.