Coverage: weekly note · Information to 25 March 2026
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TGB Weekly Research Note · 25 March 2026
Maya's deposits rose 72% to about ₱68 billion in 2025 and GoTyme reported more than ₱43 billion, while digital banks as a group still held only 0.5% of banking system assets at mid-2025.
The desk view
Maya's deposit balance reached approximately ₱68 billion at 31 December 2025, up 72% year on year, and the Maya Group posted its first full year of profitability. GoTyme reported more than ₱43 billion in customer deposits and more than 8 million Visa debit card users. The sector remains small: the six digital banks held ₱134.8 billion of assets at end-June 2025, 0.5% of the banking system. The BSP approved a moratorium on new digital bank licences in September 2025. Our reading is that growth will now come from incumbents rather than new entrants.
A small sector with concentrated deposit franchises
Total assets of the Philippine banking system reached ₱28.2 trillion in June 2025, up 7.7% year on year. Digital banks held ₱134.8 billion of that, a 0.5% share, and ₱57.8 billion of loans, 0.4% of the system total.
The sector lends less of its balance sheet than the wider system. Digital bank loans equalled 42.9% of digital bank assets in June 2025, against 56.4% for the banking system as a whole. This suggests deposit gathering has run ahead of credit.
Maya alone reported deposits of ₱50.4 billion at end-June 2025, equivalent to 37.4% of total digital bank assets at the same date.
Maya turns scale into profit
Maya's deposits rose from ₱39 billion at end-2024 to approximately ₱68 billion at 31 December 2025. Its bank customer base grew from 5.4 million to 9 million by end-September 2025. Cumulative loan disbursements reached ₱256 billion, against ₱92 billion a year earlier.
The Maya Group posted net income of ₱1.7 billion for 2025, its first full year of profitability. The gross NPL ratio was 6.1% for the year, from 6.3% at end-September.
Maya: deposits, customers and disbursements
| As of | Deposits (₱bn) | Bank customers (m) | Cumulative disbursements (₱bn) |
|---|---|---|---|
| December 2024 | 39 | 5.4 | 92 |
| June 2025 | 50.4 | 8.2 | 152 |
| September 2025 | 57 | 9 | 187 |
| December 2025 | 68 | – | 256 |
Source: PLDT Inc. (PSE disclosure C01205-2025), PLDT full-year 2024 results press release, 27 February 2025; PLDT Inc. (PSE disclosure C05903-2025), PLDT first-half 2025 results press release, 12 August 2025; PLDT Inc. (PSE disclosure C07907-2025), PLDT nine-month 2025 results press release, 11 November 2025; PLDT Inc. (PSE disclosure C01213-2026), PLDT full-year 2025 results press release ("Maya caps 2025 with strong growth and profitability"), 26 February 2026.
GoTyme builds a mass-market payments base
GoTyme reported payment volume up by over 150% year on year, and Visa recognised it as the top Philippine bank by active Visa debit card. It holds more than ₱43 billion in customer deposits. Tyme Global Limited held 40.0% of its share capital at 30 September 2025 and Robinsons Retail 19.0%.
Together the two banks reported roughly ₱111 billion of deposits in their latest disclosures. Measures and dates differ from the BSP's sector data, but this suggests the two account for much of the digital bank balance sheet.
Reported deposits, latest disclosure, ₱ billion
Source: PLDT Inc. (PSE disclosure C01213-2026), PLDT full-year 2025 results press release ("Maya caps 2025 with strong growth and profitability"), 26 February 2026; Visa and GoTyme Bank (joint announcement), GoTyme Bank reach #1 Visa debit card milestone through unprecedented growth (press release), 19 February 2026.
A licensing pause shifts the contest to incumbents
In January 2025 the BSP raised the cap on digital banks to ten, allowing four new licences. The Monetary Board then approved a moratorium on 18 September 2025, and the BSP announced that applications would close on 1 December 2025. Earlier, digital banks' reserve requirement ratio was cut from 4.0% to 2.5%, effective the week of 28 March 2025.
Demand remains supportive: digital payments made up 57.4% of retail transaction volume in 2024, up from 52.8% in 2023. With entry restricted, the question is whether Maya and GoTyme can convert deposit franchises into lending at acceptable credit costs.
What to watch
- Applications filed by 30 November 2025 are evaluated first-come, first-served; the moratorium stays until further notice.
Primary sources: PLDT Inc. (PSE disclosure C01213-2026), PLDT full-year 2025 results press release ("Maya caps 2025 with strong growth and profitability"), 26 February 2026; Visa and GoTyme Bank (joint announcement), GoTyme Bank reach #1 Visa debit card milestone through unprecedented growth (press release), 19 February 2026; Bangko Sentral ng Pilipinas, BSP to close digital bank application window by December 2025 (press release), 25 September 2025; Bangko Sentral ng Pilipinas, Report on the Philippine Financial System, First Semester 2025, 7 November 2025; PLDT Inc. (PSE disclosure C05903-2025), PLDT first-half 2025 results press release, 12 August 2025; PLDT Inc. (PSE disclosure C01205-2025), PLDT full-year 2024 results press release, 27 February 2025; PLDT Inc. (PSE disclosure C07907-2025), PLDT nine-month 2025 results press release, 11 November 2025; JG Summit Holdings, Inc. (PSE disclosure CR07998-2025), JG Summit SEC Form 17-Q quarterly report for the period ended 30 September 2025, 17 November 2025; Bangko Sentral ng Pilipinas, PH sustains growth in digital payments usage (press release), 7 July 2025.