Bank deposits up 7% to P5.75T in 2012

The country's total bank deposits rose 7 percent year on year to P5.75 trillion in 2012, according to data from the Philippine Deposit Insurance Corporation (PDIC), the Philippines' organization for depositor protection. Of the amount, some P4.7 trillion were denominated in pesos, the data further showed. Among deposit types, saving deposits constituted P2.56 trillion of the total. Demand deposits amounted to P1.337 trillion, while time deposits accounted for the rest of the amount. With deposits making up the bulk of banks' resources, the increase in total deposits has given banks more flexibility to extend loans to consumers and businesses, said bank officials. The country's gross domestic product rose 6.6 percent last year, exceeding the government’s target of 5 to 6 percent. — BM, GMA News