Issue of May 14, 2017
Mt. Province

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Central Bank affirms stable banking system in Cordillera

The banking system in Cordillera remained stable in 2016 with double-digit growth in loan portfolio and deposits and increasing number of bank offices and automated teller machines (ATMs), the Bangko Sentral ng Pilipinas (BSP) said last week.

During the Philippine Statistics Authority-led reporting of the 2016 Economic Performance of the Cordillera in Baguio last week, BSP La Union Regional Branch Director Rogel Joseph del Rosario reported that deposit liabilities of banks in the Cordillera amounted to P96.42 billion, 15 percent higher than the P83.58B inflow in 2015 while loan portfolio of banks reached P13.6B last year, an 11 percent expansion from the P12.25B figures in the previous year.

As of 2016, Cordillera has 165 banking offices located in 28 municipalities and two cities in the region. These are composed of 76 rural/cooperative banks, 73 universal and commercial banks, and 16 thrift banks. There were also 255 ATMs spread in 14 municipalities and the cities of Baguio and Tabuk in Kalinga.

Del Rosario also affirmed BSP’s continuing effort to widen financial access points under the national financial inclusion strategy.

As part of BSP’s supervisory effort to ensure the resiliency of the financial system, the BSP continues to pursue pro-active regulatory reforms aimed at broadening the access to financial services and promoting competitiveness in the financial system, strengthening corporate governance and risk management standards, enhancing supervisory oversight of non-bank financial institutions, and promoting accelerated development of capital market.

To better serve the banking needs the region, del Rosario said a BSP Baguio branch will soon open to help boost local economy, supply currency requirements, ensure clean notes and facilitate exchange of currency, and provide learning hub on economic and financial matters to the public.

The establishment of BSP Baguio will also ensure the delivery of consumer protection and financial inclusion services to the communities, strengthen links to the main office of the BSP, and will also serve as a purchasing area of gold from small-scale miners in the region, he added.

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Department of Tourism – CAR
Informatics College
King’ College of the Philippines
University of Baguio

Baguio Country Club
Benguet Electric Coooperative, Inc.
Department of Health – CAR
Department of Labor and Employment – CAR
Mayor Mauricio G. Domogan
Mayor Romeo K. Salda
National Grid Corporation of the Philippines
Philex Mining Corporation
Philippine Information Agency – CAR
Philippine Veterans Bank
Pines City Colleges
Saint Louis University
Sangguniang Panlalawigan of Benguet
Sangguniang Panlungsod ng Baguio

AHEAD Tutorial and Review
Assumption Medical and Diagnostic Center
Baguio Center Mall
Baguio Central University
Baguio Multicultural Institute
Baguio Water District
Bureau of Jail Management and Penology
C & AAA Supermart
Congressman Mark O. Go
Congressman Ronald M. Cosalan
Cordillera Kidney Specialists, Inc.
Cordillera School of Digital Arts
Department of Agriculture – CAR
Department of Environment and Natural Resources – CAR
Department of Public Works and Highways – CAR
Department of Trade and Industry – CAR
Department of Transportation – CAR
Dreamforce Review and Training Center
Fabulo Beauty and Image Salon
Far East Pacific Commercial
Filipino–Japanese Foundation of Northern Luzon, Inc.
FOX Visus Immigration Consultancy
GMS Technology
Lepanto Consolidated Mining Company
Mother Earth Deli Basket
National Telecommunications Commission
Overseas Workers Welfare Administration – CAR
R.A. Gapuz Review Center, Inc.
Regional Tripartite Wages and Productivity Board – CAR
Rianella Printing Press
Social Security System
Solibao – Ganza Restaurant

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