The Philippine financial system remained resilient in the face of the Covid-19 pandemic and continued to serve the local economy's funding needs in the first half of this year, according to the Bangko Sentral ng Pilipinas (BSP).

'In the first semester of 2021, the banking system displayed solid footing as evidenced by continued growth in assets, deposits and capital, as well as sufficient capital and liquidity buffers, net profit and ample loan loss reserves,' the central bank said in its 'Report on the Philippine Financial System for the First Semester of 2021' released on Tuesday.