BAGUIO CITY –The La Union regional office of the Bangko Sentral ng Pilipinas (BSP) declared that the banking system in the Cordillera Administrative Region (CAR) remains stable following the double-digit growths in loan portfolio and deposits and the increasing number of banking offices and automated teller machines.
Rogel Joseph del Rosario, BSP La Union regional branch director, said deposit liabilities of banks in Cordillera amounted to P96.42 billion, 15 percent higher compared to the P83.58 billion inflow in 2015, while loan portfolio of banks reached P13.6 billion last year, an 11 percent expansion from the P12.25 billion figures in the previous year.
As of the end of 2016, del Rosario revealed the Cordillera had 165 banking offices located in 28 municipalities and 2 cities in the region composed of 76 rural/cooperative banks, 73 universal and commercial banks and 16 thrift banks, while there were 255 ATMs spread in 14 municipalities and 2 cities in Cordillera.
For BSP, Del Rosario also affirmed the continuing effort to widen financial access points under the national financial inclusion strategy and announced the future opening of the BSP Baguio branch with its building now undergoing contraction along Loakan road.
As part of BSP’s supervisory effort to ensure the resilience of the financial system, he emphasized 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, Del Rosario stressed.
The BSP official underscored the establishment of its Baguio branch will definitely boost the local economy, supply currency requirements, ensure clean notes, and facilitate the 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 the 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 vein, the 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.
Currently, the BSP maintains a gold-buying station along Session Road to make sure that the gold from small-scale miners will be sold to the BSP for the future gold requirements of the government.
Del Rosario announced BSP will also be in need of personnel and security guards for the potential operation of its Baguio branch, thus, interested applicants for the vacant positions in the BSP should already start filing their applications with the BSP La Union regional branch while awaiting the operation of the branch in the city by the end of this year.
By HENT
