The Philippine banking industry helped the economy recover from a 9.6-percent contraction in 2020, the country’s worst performance since the
“As we all know, it was a surprisingly strong recovery. Coming out of a crisis, it was a recovery like no other,” Bangko Sentral ng Pilipinas Governor Eli Remolona said during the BSP’s 30th anniversary reception for the banking community in July.
“I have said this before, and I’ll say it again. Unlike in previous crises, this time our banks were part of the solution rather than part of the problem,” Remolona said.The banking system continued its strong performance as evidenced by sustained expansion in assets, deposits, and profit as well as stable capital and liquidity buffers and ample provision for credit losses.
Non-performing loans coverage ratio across banking groups registered an increase this year. Universal and commercial banks posted an ample NPL coverage ratio of 111.5 percent as of end-March 2023. Meanwhile, thrift banks and rural and cooperative banks’ NPL coverage ratios stood at 65.9 percent as of end-March 2023 and 79.0 percent as of end-December 2022, respectively.Total deposits of the banking system expanded 9.8 percent year-on-year to P17.7 trillion as of end-March 2023.
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