By Katherine K. ChanTHE TOTAL RESOURCES of the Philippines’ financial system grew by 6.4% year on year as of July, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed. Resources held by banks and nonbank financial institutions climbed by 6.4% to P34.592 trillion in the first seven months of the year from P32.504 trillion a year ago. Resources of universal and commercial banks rose by 6.2% year on year to P26.664 trillion at end-July, while thrift banks’ resources went up by 23.1% to P1.371 trillion and digital banks’ resources jumped by 33.1% to P141.7 billion. Meanwhile, nonbank financial institutions’ (NBFI) resources increased by 5.02% to P5.99 trillion as of March from the P5.704 trillion posted at end-July 2024. Nonstock savings and loan associations, credit card companies, private insurance firms, the Social Security System and the Government Service Insurance System are also nonbank financial institutions.