This is evidenced by the sustained growth in assets, loans, deposits, capital and profit across banking groups. In fact, the banking system grew alongside our expanding economy with bank assets to GDP ratio of 101.3 percent as of end-June 2020. Total bank assets as of end-July 2020 stood at P18.8 trillion as of end-July 2020, up by 8.4 percent year-on-year.
The sustained increase in bank assets was on the back of the 10.5 percent growth in deposits as of end-July 2020. Meanwhile, the capital market reforms are bearing fruit. Bonds have emerged as a major source of funding for banks registering year-on-year growth of 58.3 percent. The total loan portfolio of banks expanded by 5.1 percent year on year in July 2020.