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The BSP recently released its Report on the Philippine Financial System for the Second Semester of 2023, underscoring the sustained resilience of the system amid macroeconomic uncertainties while remaining supportive of the country’s economic recovery and development. Total assets of the banking sector expanded by 9.2 percent to ₱25.2 trillion, representing 83.3 percent of the total resources of the Philippine financial system. Banks continued to report robust balance sheets and profitable operations in 2023. Capital and liquidity buffers remained sufficient against unforeseen shocks and market volatility, with capital adequacy and liquidity ratios that are well above BSP regulatory minima and international thresholds.
“The continued health and stability of the Philippine financial system is a cornerstone to inclusive and sustainable growth of the Philippine economy,” BSP Governor Eli M. Remolona, Jr. said. The non-bank financial institutions likewise posted solid performance in 2023. The non-bank sector serves as an able conduit for the delivery of crucial financial products and services to underserved and unserved market segments through their extensive physical network nationwide. Moreover, the report presents the overall performance of foreign bank branches and subsidiaries, foreign currency deposit units of banks, and trust entities, as well as thematic box articles featuring the key developments and BSP policy reforms implemented by the BSP in 2023 toward a safe, sound, and resilient financial system. The BSP remains fully committed to pursuing progressive financial sector reforms to fully align the Philippine financial system with the ongoing rapid digital transformation and sophistication of the global financial services industry. Toward this end, the BSP reaffirms its collaborative stance to work closely with relevant stakeholders in implementing meaningful and broad-based financial sector reforms dedicated to the sustained dynamism, resilience, inclusiveness, and sustainability of the financial system, which contributes to equitable economic prosperity for more Filipinos.
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