MANILA, Philippines — Banks are overflowing with cash with deposits breaching the P10-trillion mark last year and giving the economy enough credit to finance growth amid rising interest rates.
Deposits reached P10.5 trillion by the end of December last year, up 14 percent from P9.2 trillion a year ago, the Philippine Deposit Insurance Corp. (PDIC) said in a statement Wednesday.
The amount is contained on 54 million accounts, which also rose 6 percent from 51 million during the same period.
"The robust and sustained growth of deposits both in amount and number of accounts reflects heightened depositor confidence in the stability of the banking system," PDIC President Roberto Tan said in a statement.