The trust and investment management business of the Philippine banking system experienced a 6.24 percent growth, reaching P3.95 trillion by the end of March, according to data from the Bangko Sentral ng Pilipinas (BSP).
The universal and commercial banks held P3.92 trillion of the trust holdings, while thrift banks managed a smaller portion of P27 billion.
These trust industry assets encompass investments in securities and bank deposits, contributing to the overall growth and stability of the banking sector in the country.
By the end of the first quarter, cash and due from banks recorded a significant increase of 35.54 percent to P450 million. At the same time, deposits in banks also witnessed a substantial growth of 27.86 percent to P1 trillion.
However, net financial assets declined by 4.44 percent to P2.36 trillion. Similarly, net loans decreased by 3.83 percent to P77.62 billion.