BSP: Phl banks poised for growth

The country's banking industry is expected to sustain its growth momentum over the coming years, driven by strong reforms and support from the Bangko Sentral ng Pilipinas (BSP).

- By KEISHA TA-ASAN

In its latest report on the Philippine Financial System, the BSP said the robust performance of the sector in the first semester was mainly due to sustained growth in assets, loans, deposits and earnings along with strong capital and liquidity positions.

The strong growth of banks was also on the back of an improved macroeconomic environment and the central bank's steady pursuit of progressive financial sector reforms.

"Banks remain the pillar of the Philippine financial system," BSP Governor Eli Remolona, Jr. said in a statement.

"The BSP's financial reforms help sustain the resilience of the banking sector, enabling banks to take a bigger role in the domestic economy through continued financial services to their clients, ultimately improving the financial future of every Filipino," he added.