MANILA – The Philippines’ banking system saw its total assets grow by more than 8 percent in February this year, according to the Bangko Sentral ng Pilipinas (BSP).
Data released on Wednesday showed that total assets reached PHP29.19 trillion, up 8.3 percent from PHP26.95 trillion a year earlier. This was also slightly higher than January’s PHP29.11 trillion.
Financial analyst Jonathan Ravelas said the increase shows steady and healthy growth in the banking sector.
He explained that lending activity is rising along with the economy, while banks are also investing more in government securities to maintain liquidity amid high interest rates.
Ravelas added that confidence in the banking system remains strong, but banks are becoming more careful in choosing loans.
He said future growth is expected to continue at a slower but more stable pace, focusing on strong finances and high-quality lending.
IA/XF
