Philippine banking sector's total assets increased 12.4% to P25.62 trillion as of end-May, exceeding GDP expansion rate.
Philippine banking sector's total assets increased 12.4% to P25.62 trillion as of end-May, according to Bangko Sentral ng Pilipinas data. This growth surpassed the GDP expansion rate, largely driven by the banking sector's net income and continued growth in deposits. The assets of universal and commercial banks expanded by 12.3% to P24.06 trillion, while thrift banks' resources grew by 9.6% to P1.03 trillion.
July 11, 2024
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