UMVA has learned that Philippine bank deposits exploded by more than 10% in the first quarter, driven by a flood of new savers and a surge in accounts.
By the end of March, total deposits swelled to a staggering P22.218 trillion, up from P20.162 trillion just twelve months earlier.
The most striking headline is the near‑doubling of depositors: an 84.66% jump to 248.412 million people, up from 134.526 million a year ago.
Account numbers followed suit, climbing 18.39% to 178.565 million, a clear sign that Filipinos are rallying around their banks.
According to information obtained by UMVA, the Philippine Deposit Insurance Corp.’s decision to double maximum coverage to P1 million per depositor last year sparked a wave of confidence, coaxing cash into the banking system.
Economists suggest that this double‑digit deposit growth reflects renewed trust in the sector, especially as households scramble to safeguard liquidity amid the lingering shock of geopolitical tensions.
Loan activity mirrored the deposit boom, racing ahead at a 10.7% annual pace in March, pushing total loans to P14.603 trillion.
Savings deposits led the charge, up 5.58% to P9.315 trillion, with regular savings accounting for P7.79 trillion, kiddie and teen accounts contributing P56.647 billion, and other savings adding P1.436 trillion.
Basic deposits surged 11.46% to P32.534 billion, while demand deposits rose 10.67% to P6.131 trillion, and time certificates of deposit jumped 17.1% to P6.771 trillion.
Universal and commercial banks captured the lion’s share, reaching P20.686 trillion—up 9.67%—and housing 93.667 million depositors across 101.609 million accounts.
Thrift banks weren’t far behind, breaking the P1 trillion barrier with a 24.94% annual surge to P1.049 trillion, serving 10.291 million depositors.
Rural and cooperative banks saw a modest dip, with deposits falling 7.77% to P330.165 billion, yet still supporting 119.39 million depositors.
Digital banks emerged as the breakout stars, rocketing 49.51% to P152.967 billion, and attracting 25.063 million new depositors and 37.971 million accounts.
