Philippine Financial System Ends 2024 Strong, Supports Economic Growth

The country’s financial system closed 2024 with strong performance, helping support overall economic growth, according to the Bangko Sentral ng Pilipinas (BSP).

In its report for the second half of the year, the BSP said banks and other supervised financial institutions (BSFIs) continued to grow, improving services for both businesses and households, including low-income sectors.

Growth in income and balance sheet accounts showed that these institutions remained stable and were able to meet the financial needs of the public.

Banks, trust units, and non-bank financial institutions also benefited from a wider service network and better electronic platforms, which made financial services more accessible to Filipinos.

BSP Governor Eli M. Remolona, Jr. said reforms and cooperation with other sectors helped financial institutions grow and respond better to the changing needs of the people.

The report also included updates on efforts to strengthen financial supervision, such as enhanced monitoring systems for money laundering and terrorism financing, new rules for pawnshops and money service businesses, a roadmap for cyber safety, and the end of the freeze on new digital banks.

The BSP said it will continue pushing financial reforms and work with other groups to maintain a strong, inclusive, and reliable financial system. (ASC)