MANILA, Philippines - Filipinos continued to put their money in savings and time deposits this year.
Data from the Bangko Sentral ng Pilipinas (BSP) showed that savings and time deposits continued to increase in the third quarter of 2014.
"Savings and time deposits remained the primary sources of funds for the banking system," the BSP said.
BSP data showed total deposits stood at P6.4 trillion as of end September, a 16 perent increase from P5.5 trillion in the same period last year.
The BSP attributed this to steady corporate profits and the economy' robust expansion.
The growth was also driven by investors who moved their funds from the BSP's Special Deposit Account facility to bank deposits.
In early 2013, the BSP slashed SDA interest rates by a total of 150 basis points. The central bank also ordered the removal of all singular investment management accounts from the SDA facility by November, 2013.
Savings deposits, which account for almost half of local banks' funding base, rose 16 percent as of September.
Demand deposits went up 19 percent, while time deposits increased by 15 percent.
The Philippine banking system increased its resources by 15 percent to P10.84 trillion as of September, from P9.46 trillion in the same period last year.
"The increase could be traced to the growth in loans, financial assets, and equity investments," the BSP said.
Of the total, universal and commercial banks accounted for P9.77 trillion, thrift banks accounted for P866.3 billion and rural banks accounted for P206.9 billion.