Deposits in the Philippine banking system exceeded the P5 trillion mark for the first half of the year. The Philippine Deposit Insurance Corporation’s (PDIC) Quarterly Report on Deposits showed that total deposits in the banking system aggregated P5.1 trillion in June 2011, signifying a 400.9 billion or 8.4% increase from June 2010 to June 2011. The growth was less than the 10.2% recorded for the period June 2009 to June 2010.

Deposits in commercial banks (KBs) rose by 8.8%, slower than the double-digit 11% posted in the previous period. On the other hand, deposits in thrift banks (TBs) experienced a higher growth of 6.1% compared to 2.3% in the previous period. Deposits in rural banks (RBs) grew slower at 4.8% from the 11.1% registered in the same period last year.

KBs accounted for the biggest share of total deposits at 88.7%. TBs and RBs held 8.9% and 2.4% of total deposits, respectively.

Savings deposits accounted for a 47.2% share of total deposits. Time and long term negotiable certificate of deposits had the second biggest share of total deposits at 34% while Demand deposits accounted for 18.8% of the total. Savings deposits was the fastest, growing at 12.0%. Demand and time deposits increased by 8.5% and 3.9%, respectively.

In terms of depositor type, Individuals accounted for 55.9% of total deposits, almost twice the share of Private Corporations, which stood at 29.7%. Government deposits were 11.3% of the total.

Foreign currency deposits stood at P1.1 trillion or .5 billion at exchange rate of P43.3 : . Total foreign currency deposits represented 21.4% of the total deposits in the banking system.