Photo by Krisia Vinzon via Unsplash.

PH banks’ total assets expanded 9.2% to $439.3b in 2023

Both lending and investing activity grew during the period.

The total assets of the Philippine banking sector expanded by 9.2% to approximately $439.3b (PHP25.2t) in 2023, according to central bank data released in May 2024.

This represents 83.3% of the total resources in the Philippine financial system, the Bangko Sentral ng Pilipinas (BSP) said in a report.

Banks expanded their lending and investing activities by 9.8% and 9.3%, respectively. Total lending is $242.3b (PHP13.9t) by end-2023, and investing activities totalled PHP6.8t. Loans and investments collectively comprised about 80.0 percent of the banking industry’s total assets. 

Total loans of the banking system to micro-, small, and medium enterprises reached over $8.7b (PHP502.2b).

Loans to all industries, including households, also grew in 2023, with households posting the highest growth at 24.6%, the BSP said.

ALSO READ: PH banks maintained loan standards in Q1

Overall, Philippine banks continued to report robust balance sheets and profitable operations in 2023, the BSP said.

“Capital and liquidity buffers remained sufficient against unforeseen shocks and market volatility, with capital adequacy and liquidity ratios that are well above BSP regulatory minima and international thresholds,” it said.

BSP governor Eli M. Remolona, Jr. said that the continued health and stability of the Philippine financial system is a cornerstone to inclusive and sustainable growth of the local economy.

Non-bank financial institutions also posted solid performance in 2023, the BSP said. 

(US$1 = PHP57.36; as of 12:14 PM 9 May 2024)

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Australian banks' credit risk rises amidst high debt, economic uncertainty
National Australia Bank reported an 8.1% decline in cash earnings.Australian banks face heightened risk of rising credit losses as high household debt levels, elevated interest rates, and global economic uncertainties continue, according to S&P Global Ratings.
Retail Banking
Visa launches new products to boost flexibility, security in APAC
It also partnered with QR payment providers across the region for cross-border payments.Visa has introduced several new products and services aimed at enhancing payment flexibility and security in Asia Pacific.
Cards & Payments