The Long Term Profitability of Philippine Universal and Commercial Banks

Just how profitable are Philippine Banks?  From March 2005 to March 2012, the long-term profitability of All Philippine Banks, as measured by Return on Equity (ROE), has averaged 10.21% per annum.  During the same period, Philippine Universal and Commercial Banks averaged a slightly higher, at 10.87% ROE per annum.   Philippine Thrift Banks severely under performed during this period, averaging a 3.87% ROE per annum, not even beating the average inflation rate of 5.20% per annum or even T-Bill Rates of 3.98% for the 91-day T-Bill or 4.78% for All T-Bill Maturities.

On an individual basis, the most consistently profitable universal and commercial banks (U/KBs) have been foreign-owned.  Of the top 5 U/KBs in terms of ROE from March 2005 to June 2012, four are foreign-owned:

1. ANZ Banking Group (32.59% ROE)
2. HongKong & Shanghai Banking Corporation (25.34% ROE)
3. Internationale Nederlanden Groep Bank (22.31% ROE)
4. Deutsche Bank AG (21.40% ROE)
5. Security Bank Corporation (19.99% ROE)

Aside from these five banks, only four other banks had average ROEs greater than 15% during this period:

1. Bank of the Philippine Islands (15.86% ROE)
2. Citibank, N.A. (15.67% ROE)
3. Land Bank of the Philippines (15.15% ROE)
4. Asia United Bank (15.10% ROE)

Quite a few banks under performed even the average inflation rate of 5.12% from March 2005 to June 2012 or even T-Bills (average of 3.92% from March 2005 to June 2012 for the 91-day T-Bill or 4.70% for the All Maturities).  These banks are as follows:

1. JP Morgan Chase Bank National Association (3.12% ROE)
2. Maybank of the Philippines (3.06% ROE)
3. Robinsons Bank Corporation (1.60% ROE)
4. Bangkok Bank Public Co. Ltd (1.05% ROE)
5. Bank of China (-2.53% ROE)
6. Bank of America N.A. (-4.06% ROE)
7. Philippine Bank of Communications (-5.01% ROE)
8. United Coconut Planters Bank (-33.12% ROE)

Four of these banks with low ROEs are foreign banks that may simply want to maintain a presence in the Philippines.  As such, they may be willing to tolerate low to slightly negative returns:

1. JP Morgan Chase Bank National Association
2. Bangkok bank Public Co. Ltd.
3. Bank of China
4. Bank of America N.A.

Two of these banks with low to negative average ROEs are considered distressed banks (See a previous blog post "The Top Distressed Philippine Banks as of June 30, 2012").  These banks are:

1. Philippine Bank of Communications
2. United Coconut Planters Bank

As a group, the 37 U/KBs averaged an ROE of 9.30% per annum from March 2005 to June 2012.  Throughout this period, several banks have either merged with others (International Exchange Bank, Robinsons Bank Corporation, Prudential Bank, Equitable PCI Bank), become thrift banks (United Overseas Bank of the Philippines), or folded up (Export and Industry Bank).

There has been a lot of variability or swings in ROEs.  As a group, the average 9.30% ROE posted by the 37 banks currently operating had a standard deviation of 2.44%.  In other words, the 9.30% ROE posted by the group varied by as much as 26.24% higher or lower from year to year.  The U/KBs with the least variability (less than 30%) in terms of ROEs were:

1. China Banking Corporation (11.91% variability)
2. Land Bank of the Philippines (16.59% variability)

The banks with very high variability in terms of ROE (in other words, their ROEs would swing higher or lower by more than 100% of their average ROEs) were:

1. ANZ Banking Group (102.66% variability)
2. Mega International Commercial Bank Co. Ltd (117.92% variability)
3. Standard Chartered Bank (138.66% variability)
4. United Coconut Planters Bank (170.63% variability)
5. Philippine Bank of Communications (219.98% variability)
6. Bank of America N.A. (289.20% variability)
7. Maybank of the Philippines (336.15% variability)
8. JP Morgan Chase Bank National Association (366.98% variability)
9. Bank of China (383.71% variability)
10. Robinsons Bank Corporation (401.17% variability)

Philippine Universal and Commercial Banks
Return on Equity
March 2005 to June 2012
Bank	March 2005	June 2005	Sept 2005	Dec 2005	March 2006	June 2006	Sept 2006	Dec 2006	March 2007	June 2007	Sept 2007	Dec 2007	March 2008	June 2008	Sept 2008	Dec 2008	March 2009	June 2009	Sept 2009	Dec 2009	March 2010	June 2010	Sept 2010	Dec 2010	March 2011	June 2011	Sept 2011	Dec 2011	March 2012	June 2012	Average	High	Low	Std Dev	Variability
ANZ Banking Group	39.22%	45.67%	46.30%	64.37%	76.49%	59.72%	92.41%	59.41%	32.55%	33.31%	17.69%	21.39%	127.91%	78.53%	46.32%	40.81%	0.88%	-0.35%	8.04%	6.25%	-12.42%	3.16%	0.09%	-1.75%	21.26%	27.00%	23.22%	22.64%	22.75%	-25.12%	32.59%	127.91%	-25.12%	33.46%	102.66%
HongKong & Shanghai Banking Corp.	25.87%	23.58%	26.72%	25.58%	68.72%	64.17%	36.67%	32.62%	58.64%	42.44%	31.27%	26.74%	38.08%	23.98%	24.59%	21.66%	13.51%	9.79%	11.78%	11.10%	20.17%	14.76%	20.70%	15.87%	11.58%	9.57%	7.68%	10.15%	16.75%	15.39%	25.34%	68.72%	7.68%	15.94%	62.89%
Internationale Nederlanden Groep Bank	9.82%	22.54%	30.53%	24.95%	11.84%	27.56%	48.28%	31.42%	7.47%	6.59%	8.89%	11.01%	37.03%	20.82%	6.45%	12.91%	25.09%	16.16%	14.82%	12.65%	28.10%	14.22%	15.12%	12.95%	109.27%	33.75%	29.79%	28.31%	6.13%	4.97%	22.31%	109.27%	4.97%	19.69%	88.22%
Deutsche Bank AG	65.14%	39.74%	34.74%	29.85%	19.61%	39.05%	41.79%	26.02%	6.61%	7.18%	9.13%	9.00%	36.45%	6.16%	4.73%	13.38%	31.83%	22.09%	22.34%	16.65%	9.01%	17.25%	17.20%	14.13%	13.30%	21.43%	23.37%	22.81%	11.21%	10.88%	21.40%	65.14%	4.73%	13.69%	63.97%
Security Bank Corporation	9.39%	12.26%	11.36%	11.61%	20.89%	19.88%	17.24%	17.01%	24.42%	22.65%	19.96%	22.33%	25.52%	20.49%	18.54%	17.71%	22.31%	20.26%	20.74%	20.75%	20.00%	19.51%	22.98%	34.98%	16.28%	19.10%	20.43%	25.08%	14.22%	31.67%	19.99%	34.98%	9.39%	5.43%	27.17%
Bank of the Philippine Islands	12.51%	14.73%	16.71%	15.30%	14.50%	17.54%	16.02%	16.04%	15.11%	21.27%	16.42%	16.47%	9.17%	11.64%	11.23%	10.20%	17.91%	17.07%	15.64%	13.63%	15.15%	16.32%	17.65%	15.92%	14.91%	15.91%	16.18%	15.90%	26.86%	22.02%	15.86%	26.86%	9.17%	3.42%	21.56%
Citibank, N.A.	15.82%	14.55%	33.68%	44.00%	19.83%	14.48%	13.61%	21.09%	13.02%	16.98%	21.05%	22.11%	9.94%	15.30%	8.86%	9.81%	12.51%	12.13%	17.10%	17.55%	16.71%	10.77%	15.70%	13.21%	6.71%	8.20%	8.80%	7.93%	16.50%	12.11%	15.67%	44.00%	6.71%	7.63%	48.71%
Land Bank of the Philippines	10.68%	14.19%	12.76%	14.78%	13.40%	13.98%	12.59%	13.42%	12.56%	12.36%	12.45%	13.70%	12.14%	13.29%	15.43%	15.69%	15.64%	18.29%	18.29%	17.20%	15.70%	20.91%	18.64%	16.63%	15.03%	19.16%	18.53%	15.44%	14.21%	17.43%	15.15%	20.91%	10.68%	2.51%	16.59%
Asia United Bank Corporation	24.44%	20.72%	14.02%	14.15%	18.90%	12.44%	15.98%	16.79%	15.59%	19.02%	20.37%	17.41%	13.37%	21.44%	15.87%	10.39%	15.79%	14.68%	12.96%	10.75%	16.03%	16.86%	15.02%	13.80%	7.93%	9.49%	10.47%	10.60%	15.95%	11.64%	15.10%	24.44%	7.93%	3.84%	25.44%
Union Bank of the Philippines	13.83%	19.13%	17.00%	14.69%	14.53%	16.98%	9.21%	12.00%	12.68%	28.43%	15.33%	11.27%	9.45%	7.73%	8.41%	10.18%	7.16%	5.36%	14.04%	11.72%	15.23%	10.73%	16.06%	19.38%	15.88%	7.80%	22.15%	20.51%	29.17%	21.33%	14.58%	29.17%	5.36%	5.85%	40.15%
China Banking Corporation	14.32%	12.55%	15.71%	15.01%	15.30%	13.24%	15.58%	15.94%	12.78%	13.82%	14.34%	15.68%	11.29%	11.62%	11.91%	12.18%	13.98%	15.47%	16.31%	15.49%	14.23%	14.67%	16.61%	16.15%	11.11%	14.77%	13.90%	14.78%	12.10%	11.36%	14.07%	16.61%	11.11%	1.68%	11.91%
Development Bank of the Philippines	12.21%	11.69%	14.87%	15.91%	15.15%	19.51%	18.41%	17.16%	15.37%	16.53%	16.40%	15.11%	17.28%	0.09%	0.08%	0.09%	0.10%	13.51%	11.54%	10.46%	16.06%	9.34%	14.49%	12.83%	11.54%	10.68%	8.94%	8.84%	10.25%	8.02%	11.75%	19.51%	0.08%	5.53%	47.09%
East West Banking Corporation	4.27%	6.75%	3.25%	12.17%	8.32%	8.04%	6.67%	5.63%	2.27%	0.85%	3.02%	3.64%	8.71%	9.95%	7.93%	8.95%	9.55%	10.99%	10.62%	9.44%	23.76%	20.45%	34.27%	20.22%	18.43%	18.13%	16.58%	16.90%	16.45%	14.17%	11.35%	34.27%	0.85%	7.42%	65.40%
Metropolitan Bank and Trust Company	8.25%	9.14%	8.66%	9.36%	10.56%	11.79%	11.46%	10.38%	11.85%	13.18%	12.24%	10.98%	16.53%	9.17%	10.72%	7.49%	10.89%	9.42%	9.15%	10.12%	7.57%	7.42%	7.24%	10.67%	12.86%	14.21%	12.74%	12.10%	16.97%	13.46%	10.89%	16.97%	7.24%	2.48%	22.81%
Rizal Commercial Banking Corporation	7.60%	4.05%	5.31%	8.31%	12.35%	9.34%	6.20%	12.30%	14.93%	12.44%	12.47%	11.17%	10.61%	12.85%	10.62%	7.30%	7.49%	12.12%	13.31%	11.80%	12.42%	13.66%	15.63%	13.13%	12.22%	13.28%	14.59%	3.91%	12.61%	11.85%	10.86%	15.63%	3.91%	3.18%	29.27%
BDO Private Bank, Inc.	11.97%	19.77%	15.48%	15.72%	13.46%	9.05%	11.69%	12.84%	12.84%	11.86%	9.44%	13.39%	-4.65%	-3.03%	-2.17%	2.58%	6.81%	7.27%	9.55%	11.02%	17.36%	16.17%	16.37%	15.22%	12.58%	13.58%	11.03%	11.18%	7.04%	8.13%	10.45%	19.77%	-4.65%	5.88%	56.29%
Banco de Oro Universal Bank	12.46%	11.52%	11.81%	11.95%	12.52%	10.89%	11.68%	13.82%	13.92%	14.33%	10.64%	10.76%	11.41%	7.79%	4.65%	2.73%	3.83%	6.43%	6.85%	8.79%	10.09%	11.64%	11.12%	11.09%	11.42%	10.25%	11.28%	11.28%	11.67%	11.49%	10.34%	14.33%	2.73%	2.86%	27.70%
Philippine Trust Company	8.30%	7.65%	8.98%	12.00%	1.61%	3.97%	11.90%	11.56%	2.94%	4.89%	9.05%	15.56%	2.33%	9.66%	8.60%	8.43%	2.38%	11.38%	10.94%	11.22%	12.91%	12.51%	13.14%	12.81%	14.43%	15.06%	13.78%	13.55%	10.72%	9.87%	9.74%	15.56%	1.61%	4.00%	41.03%
Bank of Commerce	2.58%	23.03%	16.26%	13.51%	13.29%	24.17%	10.13%	9.96%	0.16%	29.57%	14.42%	13.79%	12.87%	13.18%	13.86%	7.53%	5.40%	6.19%	7.03%	6.93%	5.33%	4.83%	5.25%	5.62%	1.34%	1.46%	2.45%	4.38%	5.84%	0.29%	9.36%	29.57%	0.16%	7.24%	77.41%
Mega International Commercial Bank Co. Ltd								8.88%	2.67%	3.54%	3.99%	1.21%	13.23%	16.93%	19.19%	16.77%	40.23%	35.44%	5.60%	2.88%	6.20%	7.54%	7.48%	6.39%	6.22%	1.72%	-3.02%	-4.77%	5.50%	6.43%	9.14%	40.23%	-4.77%	10.78%	117.92%
The Bank of Tokyo-Mitsubishi Ltd	11.52%	5.65%	10.51%	12.03%	6.38%	9.71%	10.60%	8.25%	8.82%	8.48%	9.44%	10.43%	5.60%	8.11%	6.47%	9.09%	8.98%	16.15%	18.85%	16.21%	10.26%	10.77%	9.83%	8.16%	10.11%	7.84%	6.19%	6.42%	0.69%	1.70%	9.11%	18.85%	0.69%	3.74%	41.09%
Korea Exchange Bank	9.31%	5.04%	12.51%	12.09%	11.53%	13.54%	10.26%	9.20%	16.92%	13.37%	8.11%	8.94%	7.00%	7.34%	3.80%	na	11.99%	9.38%	10.89%	9.87%	7.37%	0.09%	7.81%	4.58%	11.03%	8.92%	7.12%	8.05%	4.37%	5.67%	8.83%	16.92%	0.09%	3.48%	39.42%
Philippine Veterans Bank	4.44%	8.59%	7.59%	9.21%	13.99%	12.18%	9.34%	10.60%	11.64%	11.75%	13.16%	12.12%	12.12%	9.93%	13.68%	9.56%	9.00%	5.65%	8.07%	8.05%	8.50%	11.80%	7.84%	8.43%	9.80%	3.52%	3.25%	5.01%	8.80%	-4.30%	8.78%	13.99%	-4.30%	3.77%	42.99%
Standard Chartered Bank	3.53%	3.39%	10.13%	10.46%	14.30%	3.66%	1.82%	13.52%	14.75%	-1.23%	11.53%	0.00%	13.81%	8.45%	-16.77%	-19.00%	-19.13%	4.67%	22.17%	19.77%	16.28%	25.74%	23.09%	24.29%	15.75%	10.93%	18.43%	17.05%	8.37%	-2.77%	8.57%	25.74%	-19.13%	11.88%	138.66%
Allied Banking Corporation	7.81%	7.56%	6.22%	6.71%	6.74%	6.10%	8.44%	10.14%	13.20%	7.74%	10.66%	7.21%	10.18%	11.59%	7.82%	4.09%	2.72%	4.59%	8.28%	7.08%	6.61%	8.46%	6.96%	8.04%	8.42%	6.38%	7.67%	6.81%	6.79%	9.47%	7.68%	13.20%	2.72%	2.13%	27.71%
Mizuho Corporate Bank Ltd	11.25%	10.49%	13.82%	10.99%	10.99%	11.83%	15.83%	17.58%	17.16%	18.57%	21.32%	14.80%	8.77%	9.72%	7.62%	3.27%	7.85%	2.13%	2.97%	1.16%	-2.76%	1.50%	1.11%	0.98%	-0.88%	0.66%	0.17%	0.99%	4.76%	-0.20%	7.48%	21.32%	-2.76%	6.84%	91.39%
Chinatrust (Phils) CBC	15.75%	12.24%	10.27%	9.51%	11.61%	11.65%	12.88%	10.84%	7.14%	0.64%	1.72%	2.48%	0.98%	-2.65%	1.50%	1.41%	1.52%	1.95%	4.09%	5.46%	9.91%	10.70%	9.26%	6.47%	8.29%	8.50%	7.47%	5.35%	6.40%	4.71%	6.60%	15.75%	-2.65%	4.53%	68.58%
Philippine National Bank	3.10%	3.30%	2.64%	2.70%	3.32%	3.70%	3.54%	3.59%	5.87%	4.98%	6.07%	5.42%	3.17%	2.54%	0.87%	1.75%	10.60%	9.61%	9.52%	7.80%	10.33%	9.91%	10.89%	10.60%	-0.15%	3.92%	4.87%	10.76%	12.55%	9.75%	5.92%	12.55%	-0.15%	3.62%	61.15%
JP Morgan Chase Bank National Association	-20.03%	44.06%	14.06%	1.18%	-10.64%	-11.77%	-17.11%	5.72%	0.73%	18.44%	-7.36%	8.09%	1.28%	5.08%	3.71%	5.03%	10.04%	1.78%	-1.24%	-1.40%	0.11%	2.23%	4.21%	5.58%	0.42%	1.82%	5.16%	4.70%	13.96%	5.67%	3.12%	44.06%	-20.03%	11.44%	366.98%
Maybank of the Philippines	1.75%	2.01%	3.11%	2.67%	8.70%	4.82%	4.41%	3.90%	1.53%	2.12%	2.21%	3.15%	4.07%	4.19%	3.80%	6.28%	-40.72%	-13.62%	-2.13%	-0.27%	8.38%	6.55%	-1.85%	-2.27%	19.80%	12.29%	10.01%	9.64%	13.35%	13.83%	3.06%	19.80%	-40.72%	10.28%	336.15%
Robinsons Bank Corporation	0.88%	5.65%	10.86%	6.06%	5.25%	3.11%	-4.85%	2.31%	-1.19%	-2.98%	-9.72%	-9.23%	-7.72%	-0.84%	7.51%	7.05%	5.69%	0.04%	-3.60%	-4.94%	-10.81%	0.54%	1.94%		1.80%	5.70%	7.48%	7.15%	14.04%	9.15%	1.60%	14.04%	-10.81%	6.41%	401.17%
Bangkok Bank Public Co. Ltd	0.33%	0.71%	0.77%	0.46%	1.82%	0.18%	1.10%	1.07%	-0.54%	0.36%	0.55%	0.56%	0.69%	0.23%	0.86%	0.67%	0.13%	0.25%	0.57%	0.92%	0.17%	0.68%	1.05%	1.74%	3.28%	2.20%	2.62%	2.73%	2.51%	2.68%	1.05%	3.28%	-0.54%	0.95%	91.27%
Bank of China	-1.14%	-3.45%	4.55%	5.53%	4.10%	-4.82%	2.61%	1.69%	1.13%	-2.13%	-4.35%	-10.42%	-3.27%	-1.73%	-2.75%	-12.45%	-0.07%	4.79%	5.63%	-0.72%	4.53%	-6.48%	-1.47%	-48.55%	-0.08%	0.53%	-2.99%	-4.47%	1.46%	-1.22%	-2.53%	5.63%	-48.55%	9.72%	-383.71%
Bank of America N.A.	-6.21%	-2.03%	-10.42%	-20.24%	-7.59%	-5.38%	-2.83%	2.42%	0.91%	12.06%	14.92%	22.51%	-2.35%	-30.30%	-37.33%	-0.10%	-0.28%	-0.01%	-0.06%	-0.04%	-0.03%	-0.01%	-0.02%	0.04%	-14.94%	-0.62%	-0.03%	-6.86%	-15.34%	-11.70%	-4.06%	22.51%	-37.33%	11.75%	-289.20%
Philippine Bank of Communications	1.08%	2.03%	2.21%	1.97%	3.89%	18.14%	11.58%	8.77%	-3.03%	3.27%	4.32%	1.29%	-0.01%	-12.04%	-12.87%	-13.74%	-17.18%	-18.90%	-16.76%	-17.82%	-17.16%	-18.80%	-11.92%	-10.31%	-9.02%	-19.72%	-17.61%	12.97%	-7.80%	2.90%	-5.01%	18.14%	-19.72%	11.02%	-219.98%
United Coconut Planters Bank	-225.34%	-61.68%	-76.67%	-85.14%	-65.83%	-26.77%	-38.06%	-76.59%	-63.62%	-36.30%		-48.20%	-52.98%	-18.28%	-107.35%	-83.94%	-90.11%	-9.49%	11.35%	17.39%	15.60%	16.51%	15.63%	17.14%	17.24%	18.61%	18.07%	19.68%	18.79%	19.74%	-33.12%	19.74%	-225.34%	56.52%	-170.63%
Average	3.62%	10.77%	10.47%	10.27%	11.42%	12.73%	12.49%	11.04%	8.88%	10.84%	10.32%	8.66%	11.67%	8.58%	3.51%	4.45%	4.56%	7.85%	9.31%	8.47%	9.36%	9.53%	10.70%	8.98%	11.81%	9.89%	10.02%	10.49%	10.46%	7.85%	9.30%	12.73%	3.51%	2.44%	26.24%
All Banks	7.70%	8.60%	8.60%	8.70%	8.70%	9.30%	10.30%	10.60%	10.70%	11.70%	10.80%	10.70%	10.14%	9.55%	8.71%	6.91%	6.86%	8.13%	9.41%	10.79%	11.36%	11.16%	11.79%	12.18%	12.55%	13.03%	12.22%	12.11%	12.69%		10.21%	13.03%	6.86%	1.75%	17.17%
Universal and Commercial Banks	8.30%	9.20%	9.20%	9.50%	10.10%	10.30%	11.30%	11.50%	11.50%	12.40%	11.60%	11.80%	11.09%	10.59%	9.40%	7.18%	7.26%	8.65%	9.90%	11.38%	11.90%	11.77%	12.24%	12.72%	13.03%	13.30%	12.44%	12.58%	13.09%		10.87%	13.30%	7.18%	1.72%	15.82%
Thrift Banks	0.10%	1.40%	1.70%	0.20%	0.60%	0.00%	-0.60%	1.30%	2.40%	2.60%	2.10%	-0.11%	1.87%	-1.16%	0.34%	1.65%	0.78%	2.13%	3.05%	4.24%	5.49%	5.17%	7.22%	7.02%	8.50%	10.90%	11.00%	13.12%	13.57%		3.68%	13.57%	-1.16%	4.22%	114.90%
Inflation Rate	8.50%	7.60%	7.00%	6.70%	7.60%	6.70%	5.70%	4.30%	2.20%	2.30%	2.70%	3.90%	6.40%	11.40%	11.80%	8.00%	6.40%	1.50%	0.60%	4.30%	4.40%	4.00%	3.50%	3.10%	4.30%	4.60%	4.60%	4.00%	2.60%	2.80%	5.12%	11.80%	0.60%	2.69%	52.54%
Interest Rates
91 Day	6.60%	5.80%	5.80%	5.40%	5.00%	6.50%	5.40%	4.80%	3.00%	3.00%	3.80%	3.70%	3.70%	3.70%	5.70%	6.10%	4.40%	4.40%	4.00%	3.90%	3.90%	3.90%	4.00%	0.80%	1.10%	2.70%	0.48%	1.56%	2.28%	2.17%	3.92%	6.60%	0.48%	1.66%	42.32%
182 Day	7.70%	6.90%	8.00%	7.60%	6.00%	7.30%	5.90%	5.30%	3.50%	4.00%	4.80%	4.60%	4.70%	4.70%	6.50%	6.70%	4.70%	4.60%	4.20%	4.10%	0.04%	4.10%	4.30%	1.70%	1.80%	2.40%	0.68%	1.83%	2.45%	2.27%	4.45%	8.00%	0.04%	2.13%	47.91%
364 Day	8.40%	7.90%	9.00%	8.60%	6.90%	8.00%	6.80%	5.50%	3.90%	5.20%	5.60%	5.60%	5.30%	6.70%	6.70%	6.40%	4.70%	4.70%	4.40%	4.60%	4.40%	4.60%	4.50%	2.40%	2.90%	3.00%	1.00%	1.08%	2.77%	2.45%	5.13%	9.00%	1.00%	2.15%	41.84%
All Maturities	7.50%	6.60%	8.10%	7.50%	6.00%	7.20%	6.10%	5.30%	3.20%	4.20%	4.60%	5.00%	5.30%	6.70%	6.60%	6.30%	4.70%	4.60%	4.30%	4.30%	4.20%	4.20%	4.30%	1.90%	2.10%	2.90%	0.80%	1.64%	2.53%	2.39%	4.70%	8.10%	0.80%	1.93%	40.98%

Source: www.bsp.gov.ph