Cecilio San Pedro, the president of the Chamber of Thrift Banks, said Wednesday the industry not only maintained its stability but also achieved substantial growth across various crucial metrics.
Data showed that as of May 31, 2023, the sector’s total assets rose 5.3 percent to P943 billion from P895 billion a year ago, driven by the focus on deposit mobilization, which led to increased resources and overall stability. “This growth is significant as it is the sector’s commitment to serving its designated operational niches, which include SMEs, housing, and consumers,” San Pedro said.
The industry’s deposit liabilities exhibited a healthy 4.7 percent year-on-year growth to P713 billion from P681 billion a year ago. Total capital meanwhile surged by 12 percent from P135 billion to P151 billion.