The total deposit liabilities of the domestic banking system further rose to a fresh record-high P11.307 trillion at the end of the first nine months, the latest Philippine Deposit Insurance Corp. (PDIC) data showed.
The end-September deposits across commercial, thrift and rural banks jumped 15.3 percent from P9.806 trillion a year ago, as well as grew 2.8 percent from P11 trillion a quarter ago.
“Year-on-year, all bank types registered a positive growth. Commercial banks registered the fastest expansion in domestic deposits at 15.9 percent, followed by rural banks at 11.2 percent and thrift banks at 9.8 percent,” the PDIC said in a report.
End-September deposits in commercial banks reached P10.223 trillion or 90.4 percent of the industry total; in thrift banks, P918.6 billion (8.1 percent of the total); and rural banks, P165 billion (1.5 percent of total).
“The total domestic deposit accounts increased by 3.4 million, or 6.5 percent, from the 53.1 million accounts as of end-September 2016, to reach 56.5 million as of end-September 2017,” the PDIC said.
Deposit accounts in rural banks grew 12.2 percent year-on-year to 7.6 million at end-September; in thrift banks, up 6.4 percent to 6.8 million; and commercial banks, up 5.5 percent to 42.2 million.
The PDIC said “savings and time deposits were the main sources of bank funds, which jointly accounted for 75.5 percent of the total domestic deposits” at the end of the first nine months.
“Nearly half of the domestic deposits, equivalent to P5.4 trillion, were savings deposits. Time deposits reached P3.1 trillion, accounting for 27.7 percent of the total domestic deposits,” according to the PDIC.
“Individuals, private corporations, and government were the largest groups of domestic depositors in the Philippine banking system. Together, their aggregate domestic deposits totaled P10.6 trillion or 93.9 percent of the total domestic deposits,” the PDIC added.
By currency type, peso accounts, which accounted for 82.5 percent of the total, climbed 14.9 percent year-on-year to P9.3 trillion, while foreign currency deposits increased 17.2 percent to P2 trillion.