Let’s now look at the Philippine banking system. Banks’ total resources continued to expand, albeit at a much slower pace relative to pre-pandemic period. Year-on-year growth of banking system assets was posted at 6.4 percent as of end-June 2021. 1/6  BIS central bankers' speeches  The expansion was mainly funded through deposit generation.
Deposits grew by 7.6 percent year-on-year to P15.3 trillion as of end-June 2021. These deposits were mostly peso-denominated and sourced from domestic households and enterprises. These developments are testament to the public’s continued trust and confidence in the banking system. Gross total loan portfolio (TLP) declined year-on-year by 0.4 percent to P10.8 trillion as of endJune 2021.