Bank deposits grew 9 percent or P1.2 trillion to a record P14.9 trillion as of end-December 2020 despite the pandemic, highlighting the propensity of Filipinos to save and to be financially prepared during difficult times.
Philippine Deposit Insurance Corp. said the sustained growth in deposits indicated that more savers were benefitting from the protection provided by the state deposit insurer up to the maximum deposit insurance coverage of P500,000 per depositor per bank.
The number of deposit accounts also increased by 8.7 percent to 80.1 million in 2020 from 73.7 million deposit accounts in 2019.
Fully-insured deposit accounts increased by 8.8 percent to 77.4 million from 71.2 million. “The pandemic underscored the important role banks play in enabling access to essential financial services. The deposit growth is also an indication of improved depositor confidence in the banking system,” PDIC president and chief executive Roberto Tan said.
Deposits with balances above P500,000 also rose 9 percent to P13.1 trillion from P12.0 trillion in 2019.