Bank deposits up 14% in ’16

May 04, 2017

April 20, 2017

Total deposits in the Philippine banking system grew to P10.5 trillion at the end of 2016, up 14 percent from P9.2 trillion in 2015, the Philippine Deposit Insurance Corp. (PDIC) said.

PDIC data show total number of deposit accounts reached 54 million accounts, 6 percent more than the 51 million accounts in end-2015.

Accounts with balances of over P100,000 grew 8.7 percent year-on-year while deposits of P100,000 and below grew 5.6 percent.

Accounts with balances of up to P100,000 comprise 89.3 percent of total.

“The robust and sustained growth of deposits both in amount and number of accounts reflects heightened depositor confidence in the stability of the banking system,” said Roberto Tan, PDIC president.

“The increase in the number of deposit accounts shows how depositors continue their trust in banks to safeguard their hard-earned savings. This growth augurs well to the depositing public’s awareness of the importance of saving and overall, speaks well of more funds being made available to the system for investments and production,” he added.

Out of total deposit accounts in the banking system, a total of 52 million, or 96.4 percent of deposit accounts as of end-2016 were fully covered by deposit insurance. This translated to total estimated insured deposits of P2.3 trillion, or 21.5 percent of total deposits as of end-2016.

Source: http://www.malaya.com.ph/business-news/business/bank-deposits-14-%E2%80%9916