Total resources of Philippine banks continued to book a double-digit growth to hit a record level of P14.2 trillion in end-May as the industry continued to withstand shocks amid the volatile global financial market.

Data from the Bangko Sentral ng Pilipinas (BSP) showed total assets of banks operating in the Philippines was 12.3 percent higher than the P12.64 trillion recorded in end-May last year.

The total resources of big banks or universal and commercial banks grew 12.7 percent to P12.8 trillion from P11.36 trillion while that of mid-sized banks or thrift banks rose 9.4 percent to P1.16 trillion from P1.06 trillion.

On the other hand, total assets of small banks or rural banks inched up 6.7 percent to P238.3 billion in end-May this year from P223.4 billion in end-May last year despite the exit of more weak players in the industry.

BSP Governor Nestor Espenilla Jr. said the Philippine financial system has manifested its strength and sustained growth momentum over the years despite the lingering uncertainties in the global financial markets.

“Key financial indicators showed stronger balance sheets of banks with double-digit growth in assets, loans, deposits and capital,” he said.

Bank lending grew 18 percent to P6.11 trillion in end-May this year from P5.17 trillion in end-May last year while deposits went up 12.3 percent to P10.7 trillion from P9.53 trillion.

The BSP chief said a resilient financial sector is key to any economic development.

“With the banking sector at its core, our financial system continues to extend credit to the domestic economy. Funds generated by banks are primarily allocated to lending activities,” he added.

Philippine banks are controlled by family-owned conglomerates including BDO Unibank of retail and banking magnate Henry Sy, Metropolitan Bank & Trust Co. of taipan George Ty, Ayala-led Bank of the Philippine Islands, and Philippine National Bank of tobacco and airline magnate Lucio Tan.