Bank deposits up 12% as of end-Aug
abs-cbnNEWS.com | 11/11/2009 6:35 PM
Printer-friendly version | 
Send to friend | 
Share your views
MANILA - Total deposits accumulated by the local banking system reached P3.2 trillion as of end-August, up 12% from the P2.8 trillion recorded in the same period last year, data from the Bangko Sentral ng Pilipinas (BSP) showed.
The increase in bank deposits was fueled mainly by the growth in savings, time and demand deposits, the BSP said. As savings went up, the BSP said total resources of the country's banking system rose 8.5% to P6 trillion during the 8-month period.
Analysts have said that the public were encouraged to save more money as a result of the global economic crisis, thus the rise in deposits.
"The Philippine banking system remained sound and stable during the third quarter of the year. The profitability of the banking system remained respectable, although with some moderation recently," the BSP said in a report.
The BSP said the rise in deposits helped local banks stay liquid, enabling them to lend more to individual and corporate borrowers. In August, total loans extended by commercial banks grew 5.9% year-on-year to P1.94 trillion.
Comments