MANILA, Philippines — The Philippine Deposit Insurance Corporation (PDIC) reported that total deposits in the banking system rose by P307.6 billion or 6.4% from P4.8 trillion in September 2010 to P5.1 trillion in September 2011.
Commercial banks accounted for 88.5% of deposits, registered the highest year-on-year deposit growth of 7.2% reaching P4.5 trillion as of September 2011 from P4.2 trillion posted in 2010. On the other hand, during the same period, the level of deposits in thrift banks was almost unchanged at P461.7 billion, while that of rural banks grew by 4.1% from P119.5 billion to P124.4 billion.
Almost half of deposits or P2.43 trillion are in the form of savings deposits which grew 10.1% year-on-year. On the other hand, combined levels of time and long-term negotiable certificates of deposits (LTNCDs) which comprised 32.6% of total deposits, recorded a slight contraction of 1.3% settling at P1.7 trillion as of September 2011. Meanwhile, Demand deposits which comprised 19.5% of total deposits, reached P992.0 billion as of September 2011 as it grew by 12.1% during the same period.
Deposits of individuals declined by 1.9% from P2.84 billion as of September 2010 to P2.79 billion as of September 2011 but still comprised the bulk or 54.8% of total deposits. On the other hand, the share of Private Corporations’ deposits increased to 30.2% from 27.2%, while Government deposits’ share improved at 11.4% from 10.2% of total deposits for the comparative period.
In terms of insurance coverage, 97.2% or 40.8 million of the total 41.9 million deposit accounts, have balances within the maximum deposit insurance coverage of P500,000.
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