MANILA - Banks remain bullish about the growth of the industry and the expansion of the Philippine economy, the Bangko Sentral ng Pilipinas said Thursday.
The BSP said that based on its survey of industry players, 70.2 percent of respondents expected the banking system to remain stable, with the rest mostly expecting the sector to get even stronger.
"Upbeat projections led more than 72 percent of respondents to expect double digit growth in assets and deposits, while 81.0 percent and 92.4 percent expect loans and profits to grow more than 10 percent, respectively," the BSP said.
The survey also showed 86.1 percent of respondents expect the Philippines to grow 6 to 7 percent within the next two years.
Bankers also expect digitalization to "reshape the future landscape of the banking system" with 73.5 percent of banks planning to use technology in their transactions in the near term.