The Philippine banking system’s deposit base expanded by 5.9 percent year-on-year to P20.67 trillion as of end-June 2025, from P19.517 trillion in the corresponding period last year, boosting financial institutions’ resources to fund economic activity.
At the end of the first half this year, the total number of accounts increased to 158.49 million from 131.24 million in 2024, while the number of depositors surged to 140.29 million from 119.19 million previously, based on the latest Bangko Sentral ng Pilipinas (BSP) data.
While the 44 universal and commercial banks in the country are powering the peso-denominated deposits, the BSP also noted the rising retail deposits by the six digital banks on the back of innovative services and better deposit returns.
As of end-June, the deposit liabilities of digital banks totaled P110.375 billion, up by 34 percent from P82.36 billion a year earlier. These online-only banks reported total accounts of 28.03 million and total depositors of 18.74 million, higher than the previous year’s 13.9 million and 8.7 million, respectively.
Of the P20.67 trillion total deposits, the big banks accounted for P19.3 trillion. This was 5.33 percent higher than P18.32 trillion in end-June 2024. There were 96.42 million total accounts, up from 88.22 million. Total depositors went up to 87.84 million from 82.22 million.
Data showed the 42 thrift banks had P981.54 billion total deposits during the period, which was 23.14 percent higher than the previous year’s P797.06 billion. The thrift banks reported 9.75 million accounts as of end-June, up from 6.98 million last year, while total depositors numbered 9.54 million, up from 6.74 million.
The total deposits of the 374 rural and cooperative banks, however, declined by 11.66 percent to P277.2 billion from P313.8 billion in the same period in 2024. But total accounts inreased to 24.28 million from 21.82 million, while total depositors rose to 24.27 million from 21.51 million.
The Sy clan’s BDO Unibank Inc. is the country’s biggest bank in terms of deposits. The latest BSP data showed BDO had P3.73 trillion deposits, followed by government-owned Land Bank of the Philippines, with P3.017 trillion.
The third biggest bank in deposit size is Ayala-led Bank of the Philippine Islands, with P2.52 trillion. The fourth and fifth are Metropolitan Bank and Trust Co. of the Tys, with P1.974 trillion, and BDO’s sister bank, China Banking Corp., with P1.162 trillion.
The rest in the top 10 are the Lucio Tan Group’s Philippine National Bank, with total deposits of P983.175 billion; the Yuchengcos’ Rizal Commercial Banking Corp., with P971.892 billion; Security Bank Corp., with P843.177 billion; government-controlled Development Bank of the Philippines, with P820.842 billion; and the Aboitiz-led Union Bank of the Philippines with P576.412 billion.
