The country’s banking system have total resources of P14.954 trillion as of end-September from the growth of its assets and deposits, up 14 percent compared to same time last year of P13.117 trillion.

Based on data from the Bangko Sentral ng Pilipinas (BSP), the 42 universal and commercial banks accounted for P13.532 trillion of these resources. It is higher by 14.58 percent than the same period in 2016 of P11.810 trillion.

The thrift banking sector had a smaller piece of the pie or P1.177 trillion as of end-September, up 8.98 percent than last year’s P1.080 trillion. There are 58 thrift banks monitored by the BSP.

The non-banks reported total resources of P3.229 trillion during as of the end of the first quarter. This is lower than same time last year of P3.240 trillion. Non-banks include investment houses with trusts businesses, non-stock savings and loan associations, pawnshops, financing companies, security dealers/brokers, and trust corporations.

Similar to non-banks’ data, the number on rural banks has a lag time. As of end-April, the smaller banks’ resources totaled P244 billion from P226 billion.

Overall, the total resources of the domestic financial system increased by 11.16 percent year-on-year to P18.183 trillion as of end-September from P16.357 trillion.

The banking sector’s total resources is equivalent to 96.4 percent of gross domestic product. Savings and demand deposits remain the primary sources of funds for the banking system.

According to the BSP, the banking system continued to support long-term economic growth and stable financial condition.

The International Monetary Fund (IMF) in the meantime, said the Philippines is well-equipped to address risks but should heed early signs of credit gaps due to rapid growth and increased private investments.

In an IMF Executive Board report, it said the country continue to have high credit growth and while there are no indications of “credit booms” there are early warning signs of credit gaps this year and possibly in 2018.

The report noted that the accelerated credit expansion and concentration are main systemic risks to financial stability. “High credit growth, especially to the real estate and household sectors, merit continued monitoring. In addition, some conglomerates and real estate developers have leveraged significantly, while shadow-banking activities have expanded,” the IMF remarked.

To prevent a systemic-wide credit boom, it said the BSP would have no choice but to increase capital requirements and if there is overheating, to tighten monetary policy stance.