The total resources of the Philippine financial sector went up by almost 8 percent in January this year, the Bangko Sentral ng Pilipinas (BSP) showed.

Preliminary data released by the BSP on Tuesday showed that the total resources of banks and non-bank financial institutions increased by 7.9 percent to P33.66 trillion from P31.18 trillion in January 2024.

Banks' total resources climbed to P27.5 trillion from January last year's P25.62 trillion.

Broken down, BSP data showed that the resources of universal and commercial banks went up to P26.14 trillion from P24 trillion.

Thrift banks' resources also rose to P1.15 trillion from P1.07 trillion while digital banks's resources also increased to P133.3 billion from P92.6 billion.

Rural and cooperative banks' resources likewise soared to P527.1 billion from P446.5 billion.

Meanwhile, the total resources of non-banks increased to P5.70 trillion from P5.56 trillion in January 2024.

Non-banks include BSP-supervised investment houses, financing companies, investment companies, securities dealers or brokers, pawnshops, lending investors, non-stock savings and loan associations, credit card companies, government non-bank financial institutions, and authorized agent banks and forex corporations.

BSP PHOTO