Philippine bank deposits continue to grow as more individuals and businesses keep their money in banks. Total bank deposits reached P22.04 trillion as of the end of March 2026.
The amount significantly increased compared with what was recorded in March 2025 at P20.1 trillion. Deposits increased by P1.97 trillion, or 9.8 percent, year-on-year.
The stronger growth came a year after the maximum deposit insurance coverage (MDIC) was doubled to P1 million per depositor per bank. The new coverage took effect on March 15, 2025.
Households and Companies Deposit More
Individuals and private corporations were the biggest contributors to the increase in deposits.
Individual depositors added P913.9 billion, representing 46.4 percent of the overall increase. Private corporations contributed P606.6 billion, or 30.8 percent of the increase.
The remaining 22.8 percent came from other institutional depositors, including different government entities, banks, and trust departments. The increase shows that both individuals and businesses continued to keep more of their money in the banking system.
According to the Philippine Deposit Insurance Corp. (PDIC), the growth may be connected to higher household and business income supported by employment, remittances, and business activity.
Depositors may also have chosen to keep more money in banks because of the accessibility and security provided by the banking system.
PDIC President and CEO Roberto B. Tan stated that the continued increase in deposits reflects the public’s confidence in banks. The growth in household and business deposits suggests that people and companies continue to see banks as safe, accessible, and reliable institutions for managing their money.
Time Deposits Lead the Growth
Time deposits were the largest contributor to the increase in bank deposits.
It increased by P896.1 billion and accounted for 45.5 percent of the total year-on-year growth. Time deposits allow customers to keep their money in a bank for a specific period, usually in exchange for a higher interest rate compared with a regular savings account.
The increase may indicate that some depositors were looking for better returns while locking in available interest rates before expected rate cuts.
Competitive interest rates and incentives offered by banks may have also encouraged depositors to shift their funds into term products.
There were also other types of deposits that increased during the period. Demand deposits and negotiable order of withdrawal deposits contributed P589.6 billion, or 29.9 percent of the increase, while savings deposits added P483.2 billion, or 24.5 percent of the increase.
The growth across the different types of deposits shows that the increase was not limited to only one type of bank account.
More and More Filipinos Are Banking
The banking system recorded an increase of 27.2 million deposit accounts, or 18 percent, from the previous year. As of the end of March, the number of deposit accounts reached 178.6 million.
Almost all of the increase came from savings accounts. There were 26.9 million additional savings accounts, representing 99 percent of the overall growth in deposit accounts.
An increase in accounts covered by deposit insurance has also been recorded. A total of 176.5 million accounts were fully covered by PDIC insurance, an increase of 27.1 million accounts, or 18.2 percent, from the previous year.
This means that 98.8 percent of domestic deposit accounts were fully covered by the P1-million maximum deposit insurance coverage.
Deposits are Protected
One of the most important parts of the banking system is deposit insurance, which provides protection to depositors if a bank fails.
By March 2026, total insured deposits exceeded P5 trillion. The large number of insured accounts shows how widely deposit insurance applies across the banking system.
The increase in the maximum deposit insurance coverage in 2025 also provides a higher level of protection for depositors. However, the growth in deposits cannot be attributed to the increase in deposit insurance coverage alone.
PDIC also pointed out that factors such as employment, remittances, business activity, and the interest rates offered by banks may have contributed to the growth.
The continued increase in deposits, together with the broad reach of deposit insurance, reflects the sustained confidence of the public in the banking system.
Growing Access to Finance
The growth in bank deposits shows that Filipinos continue to use the banking system to keep and manage their money. It also shows the importance of providing people with a safe and reliable way to manage their funds.
With 178.6 million deposit accounts recorded by the end of March 2026, more individuals and businesses are using banking services to manage their funds. At the same time, the high percentage of fully insured accounts provides depositors with additional protection.
This growing participation also happens alongside the continued development of digital financial services in the Philippines. People can now manage many financial activities through different digital platforms, while traditional banks continue to provide deposits and other financial services.
This creates different ways for Filipinos to access and manages their finances depending on their needs.
A Digital Approach to Financial Access
The continuous growth of the Philippine banking system shows the importance of making financial services accessible, secure, and useful for the everyday lives of Filipinos.
Just like traditional banks provide ways for people to manage their money, digital financial platforms are also creating additional ways for Filipinos to access financial services.
DOPAY is an e-wallet licensed and regulated by the Bangko Sentral ng Pilipinas (BSP) as an Electronic Money Issuer (EMI) and a Virtual Asset Service Provider (VASP). The platform provides digital financial services, including digital payments and remittance services.
DOPAY also recently launched the DOPAY Academy, a learning platform designed to help users understand cryptocurrency trading and other digital financial tools. Through the academy, users can learn at their own pace and gain more knowledge about digital financial services.
This creates a different approach to financial access. While the growth in bank deposits shows that Filipinos continue to use traditional banking services to keep and manage their money, platforms such as DOPAY provide another digital option for accessing financial services.
The growth of both traditional and digital financial services shows how the financial sector continues to provide Filipinos with different ways to manage their money. As more people participate in the formal financial system, accessibility, security, and financial knowledge remain important in helping Filipinos make better use of the financial services available to them.
