HIGHER TOTAL bank deposits were recorded last year as the public
remained confident in the financial system, the state-deposit insurer
said on Friday.
Deposits were up by 4.88% to P5.37 trillion last year from P5.12
trillion in 2011, the Philippine Deposit Insurance Corp. (PDIC) said in
a statement.
"The growth in deposits was brought about by the depositing public's
confidence in the local banking system," PDIC said.
Deposits in commercial banks totaled P4.75 trillion, or 88.4% of the
total amount; followed by those held by thrift banks, P496.6 billion;
and rural banks, P125 billion.
Savings deposits grew by 8.3% to P2.59 trillion he previous year.
Time deposits and long-term negotiable certificates of deposit, on the
other hand, declined by 4.1% to P1.71 trillion from P1.78 trillion.
Demand deposits, PDIC said, rose by 13.3% to P1.07 trillion.
Meanwhile, in terms of type of depositors, aggregate deposits maintained
by individuals rose by 3.5% to P3.02 trillion from. It accounted for
56.1% of total deposits.
Deposits from corporations were steady at P1.54 trillion.
Lastly, government deposits rose by 22.9% to P624.9 billion. -- A. R. R.
Gregorio
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