THE Banking system in Cordillera remained stable in 2016 with double digit growth in loan portfolio and deposits and increasing number of banking offices and automated teller machines (ATMs).
Bangko Sentral ng Pilipinas (BSP)-La Union regional branch director Rogel Joseph Del Rosario said this during the Philippine Statistics Authority (PSA) led reporting of the 2016 Economic Performance of the Cordillera Administrative Region at Venus Parkview Hotel last week.
Del Rosario reported deposit liabilities of banks in CAR amounted to P96.42 billion, 15 percent higher compared to the P83.58 billion inflow in 2015 while loan portpolio of banks reached P13.6B last year, an 11 percent expansion from the P12.25B figures in the previous year.
As of the end 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, he added.
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 service the banking needs in Cordillera, Del Rosario said that a BSP Baguio branch will soon open in Baguio City. This will help boost local economy, supply currency requirements, ensure clean notes and facilitate exchange of currency, 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 link 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.
In the same event, PSA reported a positive growth of 2.1 percent for Cordillera economy in 2016 and a stronger economic performance for the country with an accelerated growth of 6.9 percent compared to the 6.1 percent economic growth in 2015. (PR)