Bank deposits in CV up P396M in June – PDIC

Total amount of bank deposits in Central Visayas went up to over P396.7 million as of June last year, latest data from Philippine Deposit Insurance Corporation indicated.

That amount was higher compared to the total amount of deposits recorded as of end-December 2013, amounting to P368.5 million.

Deposit accounts from the region also grew to over 2.9 million, with Cebu accounting for more than 50 percent of the accounts of 2.1 million. Cebu’s total deposits stood at over P339.7 million.

As of end-June 2014, Bohol’s deposit amount reached P25.7 million from more than 509,682 accounts. Bank deposit accounts from Negros Oriental reached 263,212, totaling to P29.89 million in total deposit. While Siquijor got the lowest amount of deposits of only 1.4 million from 13,455 accounts.

As of June 2014, Central Visayas has 636 banking offices; 477 of them are in Cebu. Bohol has 79, Negros Oriental has 75 and Siquijor has only 5.

The data further showed that majority of the accounts in Central Visayas were savings accounts which totaled to 2.5 million, pushing the savings deposit amount to P153.2 million.

Savings deposit was correspondingly followed by demand deposit, time deposit and foreign currency deposit units in terms of deposit amount.

Data from the Bangko Sentral ng Pilipinas also indicated savings and time deposits remained the major sources of money for the banking system.

BSP data further showed that as of end-September last year, total deposits nationwide reached P6.4 trillion, this was a 16 percent rise from P5.5 trillion in the same period a year earlier.

PDIC stated industry statistics are derived from the financial reports submitted by banks to the Department of Finance-attached agency.

“If a bank fails to submit the report for the current period, the bank’s most recent submitted report is used,” it said.