Issue of May 14, 2017
     
NEWS
Abra
Benguet
Ifugao
Kalinga
Mt. Province
 
OPINION
 

2016
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Central Bank affirms stable banking system in Cordillera
by PIA CAR

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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