PH banks’ total assets rise to record P24.95t

THE total assets of the Philippine banking system reached P24.95 trillion as of end-February, up by P150 billion from P24.80 trillion in January, data from the Bangko Sentral ng Pilipinas show.

Bank deposits also increased to P18.68 trillion in February from P18.66 trillion in the previous month. Of the total, peso deposits slightly declined to P15.35 trillion from P15.43 trillion, while foreign-currency deposits rose to P3.33 trillion from P3.23 trillion.

The banks’ total loan portfolio amounted to P13.54 trillion as of endFebruary, up from P13.38 trillion in January and P12.414 trillion a year

ago.

The gross non-performing loans or “soured loans” remained steady at 3.44 percent in February 2024 compared to January, the BSP said. This was slightly higher than 3.31 percent recorded in February 2023.

Past due ratio or delinquency rate also went up to 4.31 percent in February this year from 4.27 percent in January and 4.04 percent in February 2023. The total past due loans grew 16.35 percent to P584.22 billion from P502.11 billion.

Meanwhile, the banks’ NPL coverage ratio was at 100.06 percent in February, down from 100.29 percent in January and 104.95 percent a year ago.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said in a Viber message the year-on-year increase in NPL was partly due to higher interest rates globally and locally.

“Nevertheless, looking at the bigger picture, banks’ NPL ratio still among the lowest/best in 3.5 years or since August 2020,” he said.

The Government Service Insurance System (GSIS) teams up with Maya, the country’s only end-to-end digital payments company, as the newest online payment option for GSIS loan borrowers. Maya staff set up a booth at the GSIS Head Office in Pasay City to assi DIGITAL PAYMENT.

Retired police officer Ritchie Tenegra secures loan from the Land Bank of the Philippines for his poultry farm in Iloilo province.