Total assets of the Philippine banking system rose over 10%, exceeding PHP25tr (USD432bn) in the first quarter, according to the Bangko Sentral ng Pilipinas (BSP). Banks’ assets grew by 10.8% to PHP25.65tr as of end-March, up from PHP23.15tr in the same period in 2023. These include deposits, capital, bonds, and debt securities. Universal and commercial banks saw a 10.6% increase in assets to PHP24.08tr, accounting for 93.8% of the industry’s total assets. Thrift banks’ assets grew 8.8% to PHP1.05tr, while rural and cooperative banks’ assets jumped 15.8% to PHP425bn. Digital banks posted a 63.1% increase to PHP96.9bn. As of December 2023, the BSP oversees 45 big banks, 42 thrift banks, 389 rural and cooperative banks, and six digital banks.