Philippine banks have demonstrated sustained growth and resilience, according to the Bangko Sentral ng Pilipinas (BSP) in its recently released Report on the Philippine Financial System for the First Semester of 2024.
The report highlighted continued expansion in key financial metrics, including assets, loans, deposits, and earnings, underpinned by an improved macroeconomic environment and the BSP’s ongoing financial sector reforms. The banking sector’s solid performance is supported by strong capital and liquidity positions, further enhancing its ability to withstand external challenges.
“Banks remain the pillar of the Philippine financial system. The BSP’s financial reforms help sustain the resilience of the banking sector, enabling banks to play a larger role in the domestic economy through consistent financial services to their clients, ultimately improving the financial future of every Filipino,” said BSP governor Eli M. Remolona, Jr.
The report also noted the positive performance of foreign currency deposit units and trust entities within the banking system. It includes thematic articles on the BSP’s strategic priorities, including the ongoing promotion of digitalization and inclusive sustainable finance.
Looking ahead, the BSP plans to continue its focus on prudential policy reforms to ensure institutional stability and drive the digital transformation of the financial sector. The central bank also emphasized the importance of collaboration with industry stakeholders and government partners to support legislation that will foster a resilient, dynamic, and inclusive financial system.
