Bank deposit growth in provinces soars
MANILA – Growth of deposits in the provinces recorded a double-digit growth in the first half this year surpassing that of the National Capital Region (NCR).
The Philippine Deposit Insurance Corporation (PDIC) on Tuesday said deposit growth in the provinces stood at 13.8 percent year-on-year as of end-June 2010 while NCR registered a growth of 8.5 percent.
“There was vigorous growth in Region 2 and ARMM, areas with low bank densities. These suggest the potential for banking in areas outside Metro Manila waiting to be tapped,” the state deposit insurer said.
Total bank deposits in the first six months this year reached P4.75 trillion, 67 percent amounting to P3.18 trillion of which are in banks in the NCR while the balance of P1.57 trillion are in banks outside NCR.
PDIC said banks in the NCR totaled to 2,728 and hold an average deposit size of P1.16 billion per banking office while the 5,240 banking offices outside NCR hold an average deposit size of P300 million per banking office.
Among regions, the CALABARZON (Region 4-a) that groups the provinces of Cavite, Laguna, Batangas, Rizal and Quezon has the highest number of banking offices at 1,187 and had total deposits of P336 billion.
This was followed by the P249 billion in Central Luzon (Region 3, which encompasses the provinces of Bataan, Bulacan, Nueva Ecija, Pampanga, Tarlac and Zambales) and the P236 billion in Central Visayas (Region 7 that include the provinces of Bohol, Siquijor, Cebu and Negros Oriental).
Among cities, Makati’s 412 banking offices held total deposits of P1.19 trillion followed by Manila at P530 billion and Quezon City, which has the largest number of banking units in the NCR at 645, at P513 billion.
On the number of accounts, PDIC said Makati posted “tremendous growth” after expanding more than twice to 5.7 million at the end of the first half this year.
“This was attributed mainly to the 131 percent increase in savings accounts and 55 percent increase in demand deposit accounts,” the report said.
While deposit accounts in Quezon City grew by 5.2 percent to 2.6 million and Manila by 3.8 percent to 2.1 million.
These three cities held almost 47.1 percent of the country’s total bank deposits amounting to P2.24 trillion, PDIC said.
Per capital distribution of deposits, the national level is P50,527 while NCR’s registered the highest at P275,346 and the Autonomous Region of Muslim Mindanao the lowest at P1,100.
The region with the second highest per capita distribution is Central Visayas at P34,205 followed by CALABARZON at P28,851 and Cordillera Autonomous Region at P27,445.*PNA
