The total resources of the Philippine financial sector went up by almost 8 percent in January this year, the Bangko Sentral ng Pilipinas (BSP) showed.

Preliminary data released by the BSP on Tuesday showed that the total resources of banks and non-bank financial institutions increased by 7.9 percent to PHP33.66 trillion from PHP31.18 trillion in January 2024.

Banks’ total resources climbed to PHP27.5 trillion from January last year’s PHP25.62 trillion.

Broken down, BSP data showed that the resources of universal and commercial banks went up to PHP26.14 trillion from PHP24 trillion.

Thrift banks’ resources also rose to PHP1.15 trillion from PHP1.07 trillion while digital banks’s resources also increased to PHP133.3 billion from PHP92.6 billion.

Rural and cooperative banks’ resources likewise soared to PHP527.1 billion from PHP446.5 billion.

Meanwhile, the total resources of non-banks increased to PHP5.70 trillion from PHP5.56 trillion in January 2024.

Non-banks include BSP-supervised investment houses, financing companies, investment companies, securities dealers or brokers, pawnshops, lending investors, non-stock savings and loan associations, credit card companies, government non-bank financial institutions, and authorized agent banks and forex corporations. (PNA)