PH 2014 financial system grows 12% – BSP

THE Philippine financial system expanded at a double-digit rate in 2014 and demonstrated a “responsive, responsible and remarkable performance”, the central bank said in a status report released on Tuesday.

According to the Bangko Sentral ng Pilipinas (BSP), the country’s financial system last year expanded by 12 percent on double-digit growth in loans (19.5 percent) and portfolio investments (13.3 percent) with stable funding from domestic (98.8 percent) retail deposits which similarly grew by 12.1 percent year-on-year.