Bank deposits in the Philippines grew at a faster pace during the first quarter of 2026, approaching ₱22.1 trillion as households and private firms poured more funds into the banking system.
Data released by the Philippine Deposit Insurance Corporation (PDIC) on Thursday, August 27, showed total deposit liabilities reaching ₱22.04 trillion at the end of March.
This marks a 9.8 percent or ₱1.97-trillion expansion from the ₱20.1 trillion recorded in the same period a year ago, nearly doubling the 5.3 percent growth rate seen from March 2024 to March 2025.
The deposit surge came a year after the maximum deposit insurance coverage (MDIC) was increased to ₱1 million per depositor per bank in March 2025. Household accounts and corporate funds fueled the momentum, accounting for over 75 percent of the overall expansion.
Personal savings expanded by ₱913.9 billion (46.4 percent of the total gain), while corporate deposits rose by ₱606.6 billion (30.8 percent). Government entities, financial institutions, and trust accounts made up the remaining 22.8 percent.
PDIC attributed the strong inflows to steady employment, sustained OFW remittances, and solid corporate earnings, leading depositors to keep excess cash in financial institutions.
“The continued rise in deposit liabilities reflects the public’s sustained confidence in the banking system. Higher household and business deposits suggest that individuals and companies continue to view banks as safe, accessible, and reliable institutions for managing their funds,” said PDIC President and Chief Executive Officer Roberto Tan.
Time deposits spearheaded the growth by account type, surging by ₱896.1 billion to account for 45.5 percent of the total net increase. PDIC noted that depositors locked in higher interest rates ahead of expected policy rate cuts, while banks actively promoted time deposit products to secure long-term liquidity.
Demand deposits and NOW accounts contributed ₱589.6 billion (29.9 percent), while savings deposits grew by ₱483.2 billion (24.5 percent).
The total number of bank accounts climbed 18 percent year-on-year to 178.6 million, with savings accounts comprising 26.9 million of the 27.2 million newly opened accounts.
Under the expanded coverage, fully insured deposits surged to over ₱5 trillion, covering 176.5 million accounts or 98.8 percent of the country’s total bank accounts.