Region 8 bank deposits sustains growth in 2015

TACLOBAN CITY, May 2 (PNA) -- Bank deposits in Eastern Visayas grew by 20.3 percent to PHP85.06 billion in 2015, showing a sustained economic recovery from the devastation of the 2013 super typhoon, the Philippine Deposit Insurance Corporation (PDIC) reported.

Bank deposits in this region managed to maintain its annual growth rate in the past three years despite impacts of the monster typhoon that worsened the region’s poverty incidence in 2014.

Last year’s deposit portfolio in the region kept the 20 percent growth recorded since 2013. Deposit liabilities in 2014 stood at PHP70.69 billion.

Deposit liabilities refer to money placed by an individual or corporation into a banking institution for safekeeping, according to the Bangko Sentral ng Pilipinas.

The PDIC banking statistics, posted in its website, showed that total number of accounts grew by 11.68 percent from 721,367 in 2014 to 806,624 last year.

Number of banks increased to 196 in 2014 from 181 in the previous year. All provinces also posted significant growth in both accounts and deposits.

Data showed that of the total PHP85.06 billion deposit portfolio, PHP53.21 billion were in Leyte province, PHP8.94 billion in Southern Leyte, PHP8.82 billion in Samar, PHP6.52 billion in Northern Samar, PHP5.4 billion in Eastern Samar, and PHP2.14 billion in Biliran.

The remarkable growth in Leyte is largely contributed by the 42 banks in Tacloban City. The regional capital had PHP34.37 billion deposits as of end of 2015, higher than the PHP30.74 billion in 2014.

Number of accounts in the city rose to 269,547 in 2015 from 244,009 in the previous year.

The Tacloban Bankers Club cited the high spending from non-government organizations and remittances for displaced families from their loved ones abroad to the bank deposits growth.

The National Economic Development Authority attributed the banking growth to various recovery activities from the government and private sector.

“Recovery initiatives resulted to higher bank deposits. More businesses also launched their operations in Eastern Visayas. It brought more jobs and revenue for the region,” said NEDA Regional Director Bonifacio G. Uy.

Leyte and Eastern Samar badly hit by super typhoon Yolanda posted remarkable deposit growth from 2014 to 2015. Leyte’s bank deposit rose to PHP53.21 billion from PHP45.64 billion. In Eastern Samar, total deposits went up to PHP5.4 billion from PHP4.13 billion. (PNA)

FFC/SARWELL Q. MENIANO