Eastern Visayas H1 2016 bank deposits posts 10% growth

TACLOBAN City, Dec. 19 (PNA) -- Bank deposits in Eastern Visayas had grown significantly as the region continues to experience increased economic activities, according to the Bangko Sentral ng Pilipinas (BSP).

The bank deposit in the region as of end of June this year grew to PHP88.3 billion or 10 percent higher than the PHP80.3 billion deposits as of the first semester of last year.

“The increase in the deposit liabilities was due to improving economic and business conditions in the region,” said Ma. Theresa Labrador, BSP Tacloban senior research specialist.

Labrador cited the influx of overseas Filipino remittances, government infrastructure projects, and rehabilitation activities in the region to the remarkable growth.

Across provinces, Leyte has the highest deposits in the region with PHP55.1 billion. The remaining are distributed in other five provinces - Southern Leyte (PHP9.4 billion), Eastern Samar (PHP9.1 billion), Northern Samar (PHP6.3 billion), Samar (PHP5.3 billion), and Biliran (PHP2.3 billion).

Number of bank branches has increased from 182 last year to 208 banks this year. Universal and commercial banks had topped on the list with 109 branches, followed by rural banks with 62 offices, and thrift banks with 37 branches.

Most of the region’s 208 banks are in Leyte with 104 branches, followed by Samar (33), Southern Leyte (27), Eastern Samar (23), Northern Samar (15), and Biliran (6).

The central bank sees this expansion of bank networks for sustained growth in the region’s bank deposits. (PNA) LAP/SQM/Robert S. Bona (OJT)