The Philippine financial sector's total resources went up by 8.8 percent as of end-November last year, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Preliminary data released by the central bank on Thursday showed that the total resources of banks and non-bank financial institutions reached P33.07 trillion, up from November 2023's P30.39 trillion.

Banks' total resources amounted to P27.55 trillion, higher than the P25.14 trillion recorded in November 2023.

Broken down, the resources of universal and commercial banks rose to P25.78 trillion from P23.56 trillion, while thrift banks' resources also rose to P1.14 trillion.

Resources of digital banks amounted to P119.5 billion, while those of rural and cooperative banks reached P498.3 billion.

The total resources of non-banks, meanwhile, also increased to P5.52 trillion from P5.24 trillion in November 2023.

Non-banks include BSP-supervised investment houses, financing companies, investment companies, securities dealers or brokers, pawnshops, lending investors, non-stock savings and loan associations, credit card companies, government non-bank financial institutions, and authorized agent banks and forex corporations. 

PNA PHOTO