The Philippine financial system continued to be stable on the account of sustained strength of the balance sheets of banks and nonbank financial institutions (NBFIs) regulated by the Bangko Sentral ng Pilipinas (BSP).

According to the BSP’s Status Report on the Philippine Financial System for the first semester of the year, the resources of domestic banks, which represent 80 percent of the financial system, grew year-on-year by 16.2 percent to P8.6 trillion in June.

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