The Philippine Online Chronicles

The local stock index continues its ascent as strong corporate earnings buoyed the rally. The Philippine Stock Exchange Index (PSEi) added another 17.52 points or 0.52 percent bringing the index to another multi-year high of 3,521.10.

Trading was more robust with 1.337 million shares worth P3.96 billion changing hands from yesterday’s 902.88 million shares worth P3.247 billion. Gainers overwhelmed the decliners 68 to 42, while 45 stocks remained unchanged.

Among the index gainers that did well in today’s trading are Filinvest Land Inc. (6.48 percent), Megaworld Corp. (5.59 percent), Metro Pacific Investment Corp. (2.92 percent), ABS-CBN Corp. (2.61 percent), and Universal Robina Corp. (2.53 percent).

Worst index performers were San Miguel Corp. B shares (-6.80 percent), Security Bank (-2.37 percent), Jollibee Foods Corp. (-1.09 percent), Metrobank and Trust Co. (-0.98 percent) and Banco de Oro Unibank Inc. (-0.82 percent).

Bank deposits up by 9.7 percent

Latest data from Bangko Sentral ng Pilipinas (BSP) show that total bank deposits for the first five months of the year grew by 9.7 percent. Total deposits reached P3.4 trillion from P3.1 trillion from a year ago.

Saving deposits, which continue to take half of the total bank deposits, grew by 12.1 percent. Demand deposits increased by 20.7 percent. However, time deposits dipped slightly by 1.8 percent. The banks’ assets also grew by 8.7 percent.

“Savings and time deposits” continue to remain the biggest source of funds for the banks.

Universal and commercial bank loans grew by 8.1 percent year-on-year to P2.1 trillion. This excludes the reverse repurchase agreements and placements in the BSP.

BSP also reported that because of continued consolidation of banks and the exit of smaller players in the industry, the number of bank head offices fell from 811 to 779 as of March. By banking classification, there are 38 universal and commercial banks, 74 thrift banks, and 667 rural banks in the Philippines as of May.