PH financial system resources as of March topped P37T

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MANILA, Philippines — The Philippine financial system’s total resources returned to the P37-trillion level in the first quarter, as banks continued to fuel growth through lending and higher deposits despite market volatility and economic uncertainty stemming from the conflict in the Middle East.

Excluding the resources of the central bank, total funds and assets held by the local financial sector went up by an annualized rate of 8.6 percent to P37.4 trillion, data from the Bangko Sentral ng Pilipinas (BSP) showed.

These resources represent cash and assets like credit, deposits, capital, and bonds that financial entities can use to meet their funding needs.

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