Thrift banks assets hit P943B despite tech challenges
MANILA -Thrift banks in the Philippines saw their assets grow by 5.3 percent to P943 billion as of end-May despite the challenges posed by new technologies and competitors.
According to the Chamber of Thrift Banks (CTB), the industry segment faced the complexity of adopting digital technologies, including worries about cybersecurity, heightened competition from financial technology firms, the need for internet literacy, and evolving regulatory requirements.
The past year has been marked by a positive trajectory in the thrift banking sectors performance, CTB president Cecilio San Pedro said in a statement.
Despite external challenges, the industry has managed to not only maintain its stability but also achieve substantial growth across various crucial metrics, San Pedro said.