The Bangko Sentral ng Pilipinas (BSP) has released its report on the Philippine financial system for the second half of 2024, showcasing the continued growth and resilience of BSP-supervised financial institutions (BSFIs). The report underscores the strong performance of these institutions across key financial indicators, which enables them to effectively provide critical services to businesses, households, and even underserved sectors, contributing to the nation’s ongoing economic expansion.
The positive performance of both banks, covering trust operations and foreign currency deposit units, and non-bank financial institutions is further strengthened by a broadening service network and the rise of digital platforms. These technological advancements not only improve the customer experience but also enhance the accessibility of financial services, thereby fostering a more inclusive financial system for all Filipinos.
In his statement, BSP Governor Eli M. Remolona, Jr. emphasized, “Through BSP’s policy reforms, strategic partnerships, and the positive macroeconomic and industry outlook, our supervised entities have been able to grow and adapt to the changing financial needs of Filipinos. These collective efforts contribute to a more resilient and dynamic financial system.”
The report also includes thematic box articles that delve into critical areas of financial supervision. These include enhanced mechanisms for monitoring money laundering, terrorism financing, and proliferation risks; improvements to the supervisory framework for money service businesses and pawnshops; the establishment of a roadmap for cyber resilience; and the lifting of the moratorium on new digital banks.
Looking ahead, the BSP remains committed to advancing progressive financial reforms and strengthening collaboration with development partners, counterpart agencies, the private sector, and other key stakeholders. These initiatives are aimed at further building a robust, inclusive, and sustainable financial system that supports the long-term growth of the Philippine economy.
