The banking system’s gross total loan portfolio grew year-on-year by 1.6 percent to P10.7 trillion as of end-September 2020. From the funding side, the banking system’s total deposits rose by 10.0 percent as of end September 2020 to reach P14.4 trillion.
Outstanding deposits are mainly composed of savings deposits (47.0 percent of total deposits) followed by demand and NOW deposits (26.9 percent) and time deposits (24.1 percent). Savings deposits increased by 14.0 percent as depositors prefer to hold on to cash following the lockdown in Luzon in March 2020.