PH banking sector assets up by over 9% in January
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NewsTranscript
00:00Total assets of the Philippine banking sector increased by 9.3 percent reaching 27.11 trillion
00:06pesos up from 24.81 trillion pesos in January 2024. This growth reflects the profitability
00:13of Philippine banks with earnings outpacing GDP growth for the country's largest banks.
00:18RCBC chief economist Michael Rickafort attributed this to large earnings contributing to bank
00:24capital alongside fund raising activities. He also noted that the banking sector is poised
00:30to benefit from the continued growth of the Philippine economy which will drive increases
00:35in loans, deposits and overall revenues.