Bank deposits hit P5.12T as savings deposits grow – PDIC

Boosted by a 5.4 percent growth in deposits in commercial banks and 8.3 percent increase in savings deposits, total deposits grew by P251.2 billion or 4.9 percent last year to P5.12 trillion, according to the Philippine Deposit Insurance Commission (PDIC).   The bulk of deposits — 88.4 percent or P4.75 trillion — were in commercial banks. In contrast, thrift banks held only P496.6 billion and rural banks had P125 billion. Slow growth in rural and thrift banks   Deposit in thrift banks was at 1.2 percent while those in rural banks grew by 1.5 percent —about four times slower than the deposit growth in commercial banks.   PDIC took over 29 rural and thrift banks in 2011, including Banco Filipino Savings and Mortgage Bank and LBC Development Bank.   Some P2.59 trillion of all deposits in the banking system were in savings accounts, which grew by 8.3 percent.   Individual depositors owned 56.1 percent or P3.02 trillion of all deposits while private firms had 28.6 percent and government offices accounted for 11.16 percent.   Government funds kept in banks increased by 22.9 percent to P624.9 billion from P508.5 billion in 2010. — ELR/VS, GMA News