Meanwhile, InstaPay-related transactions reached 29.5 million with total value of P141.2 billion as of end-August 2020. This represents huge respective growths of 312.2 percent in volume and 206 percent in value compared to the end-March 2020 level. Total assets of the banking system reached P18.6 trillion as of end-June 2020 with an average growth rate of 11.5 percent in the last 10 years.
The banking system’s credit support for the financing requirements of individuals and businesses also continued during the pandemic. Total loan portfolio (TLP) stood at P10.8 trillion as of end-June 2020. This represents a 13.2 percent average growth rate in the last decade. Bank loans comprised 58.2 percent of the banking system’s total assets and 57.4 percent of the country’s nominal gross domestic product (GDP).