MONEY deposited by Filipino banks and individuals in Swiss banks grew 20.23 percent in 2018, according to a report released by the Swiss National Bank (SNB).
SNB data showed that Filipino money deposited in Swiss banks reached CHF2.59 billion or P136.15 billion in 2018, higher than the CHF2.16 billion or P113.23 billion in 2017.
The 2018 figure in pesos represented 1.48 percent of the country’s GDP in constant prices which was at P9.21 trillion last year.
Data also showed that this amount was the highest since 2014 when Filipino money deposited in Swiss banks reached CHF2.64 billion or P138.31 billion.
The increase in Filipino money in Swiss banks was driven by the 40.73-percent growth in the liabilities of the banks in respect to customers, which grew to CHF1.65 billion or P86.75 billion.
The deposits of individuals from the Philippines was the highest since 2008 when it reached CHF1.79 billion or P94.01 billion.
Swiss bank’s liabilities due to banks grew 22.26 percent to CHF881.06 million, or P46.24 billion in 2018, from CHF720.67 million or P37.82 billion in 2017.
The amount due to banks was the highest since 2015 when it was at CHF965.86 million or P50.69 billion.
The SNB also reported that the fiduciary liabilities of Swiss banks from Philippine-based entities continued to grow. Data showed that fiduciary liabilities inched up by 1.82 percent to CHF49.37 million or P2.59 billion, from CHF48.49 million or P2.54 billion.
Meanwhile, the total deposits from Asia and the Pacific developing countries in Swiss banks reached CHF48.58 billion in 2018, which represented a contraction of 8.26 percent from the CHF52.95 billion in 2017.
Of the Asean countries that had deposits in Swiss banks, Singapore had the highest amount of deposits at CHF31.72 billion followed by Thailand at CHF3.93 billion and Indonesia, CHF3.2 billion.
In a statement, the SNB said at the end of 2018, there were 248 banks in Switzerland. Of this number, 216 reported a profit with an aggregated total of CHF12.8 billion. Losses amounting to CHF1.3 billion were recorded by 32 banks.