MANILA – Non-stock savings and loan associations (NSSLAs) remain strong and stable as reflected in the steady growth of the industry’s assets and loans, according to the Bangko Sentral ng Pilipinas (BSP).  
NSSLAs are engaged exclusively in the business of collecting savings from their members and financing their personal loans. Profits are generated primarily from lending and investing activities, which are given back to members through net income distribution. 
“NSSLAs’ assets grew by 9.1 percent to PHP283.8 billion at end-2021 from the pre-pandemic level of PHP260.2 billion at end-2019. Assets were composed mainly of loans, which rose by 8.9 percent to PHP246.3 billion from PHP226.1 billion during the same period,” BSP Governor Benjamin Diokno said.  
The growth in assets was driven primarily by deposits, which grew by 36.7 percent to reach more than PHP80 billion; and capital contributions, which rose by 2.8 percent to exceed PHP134 billion during the comparable period.  
“These figures underscore the trust and confidence of NSSLAs’ members in the industry, as well as the support of these institutions to cultivate the habit of saving,” Diokno said.    
The BSP also underscored the sustained profitability of NSSLAs, which posted an average 7.6 percent dividend rate in 2021. 
The industry’s liquidity and capital positions are sufficient to support their funding requirements and risk-taking activities. 
Through their network of 72 branches and 158 satellite offices nationwide, NSSLAs provide affordable and accessible financial products and services to member-individuals who are underbanked or underserved. 
“NSSLAs continue to play a vital role in fostering inclusive finance and in empowering the marginalized sector,” Diokno added.  
In line with its mandate of promoting the stability of the financial system, the BSP shall pursue further regulatory enhancements as well as strategic partnerships with relevant government agencies and key industry players, including the NSSLA industry. (PR)