Philippine banking industry worth US$192 billion

Total banking resources rise 6.9% in third quarter.

The Philippines’ 712 operational banks reported an increase in total resources of 6.9% year-on-year during the third quarter, said the Bangko Sentral ng Pilipinas, the central bank. This compares to the US$180 billion the same period in 2011.

BSP data show the total resources of the entire Philippine financial system, including non-bank financial institutions, stood at US$242 billion as of September, or 6.7% higher compared to the US$227 billion in the same period last year.

The Philippines’ 37 universal and commercial banks accounted for US$172 billion or 90% of total resources, an increase of 6.5% from last year’s US$161 billion.

The country’s 69 thrift banks contributed US$15.2 billion while the 566 smaller rural banks had such a minimal share that it was not even included in the data.

BSP supervised non-bank financial institutions had total resources of US$50 billion in the third quarter, up 5.9% from US$47 billion in 2011.
The central bank monitors 6,595 non-bank financial institutions, of which 6,463 are pawnshops.

In a financial report last November, the BSP noted that as of the first six months of the year, there are five large financial conglomerates that control 48% of the entire industry.