BSP branch soon to open in Baguio

THE BANGKO Sentral ng Pilipinas (BSP) will soon open its branch in the Summer Capital.

“This is to better service the banking needs in the CAR, BSP Baguio Branch will soon open in Baguio City. The establishment of BSP Baguio Branch will boost the local economy, supply currency requirements, ensure clean notes and facilitate exchange of currency,” BSP regional director Rogel Joseph del Rosario said adding the branch is still under construction in Loakan.

Del Rosario added this will provide learning hub on economic and financial matters to the public, deliver consumer protection and financial inclusion services to the community, strengthen link to the main office of the BSP by providing a listening post in the area and purchase gold from small scale miners.

The official explained as part of its supervisory efforts, BSP will ensure resilience of the financial system as it continues to pursue proactive regulatory reforms aimed at broadening access to financial services and promoting competitiveness in the financial system.

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Del Rosario said this will also strengthen corporate governance and risk management standards, enhance supervisory oversight on bank financial institutions.

The BSP construction site became a controversial after cutting 103 trees in the area despite the log ban, however, the Community Environment and Natural Resources Office (CENRO) in the city clarified the tree cutting permit were issued since they are exempted by the law.

To date, there 165 banking offices located in 28 municipalities and two cities in the Cordillera region. Composed of 76 rural and cooperative banks, 73 universal and commercial banks, and 16 thrift banks.

Almost half of the region’s banking offices are located in Baguio City with 82. There are also 255 ATMs spread in 14 municipalities and two cities in the region in 2016. Ian Jefrey Addatu