Oliver 18 0 0 4 min to read

Negros Oriental banking sector expanding: executive of Bangko Sentral.

Cebuano Cebuano English English Filipino Filipino

An important representative of the Bangko Sentral ng Pilipinas (BSP)-Dumaguete branch stated on Tuesday that the banking sector in the Negros Oriental province is showing a favorable prognosis with greater deposits and reduced borrowing this year.

In a Kapihan sa PIA forum held at a nearby hotel, acting BSP-Dumaguete branch manager Danilo Omangay stated that the overall deposit liabilities in Negros Oriental as of March 31, 2022, are at or above PHP76.4 billion.

He pointed out that this increased from the more than PHP68.4 billion recorded last year.

The total amount of deposits held by financial institutions is referred to as total deposit liabilities (from depositors). According to the BSP website, it includes savings, demand, time, long-term negotiable, and negotiable order of withdrawal (NOW) accounts.

In a mix of English and Cebuano, Omangay said that the rise in total deposit liabilities indicates that many people are “saving or depositing money in the banks so that the banking business in Dumaguete (and Negros Oriental) is growing.”

He said that Negros Oriental now has 125 banks overall in the banking network, up from only 121 the year before.

These banks include corporate, thrift, rural, and commercial banks.

According to Omangay, the rise of banks indicates that more individuals transact business with these financial organizations.

As of March of this year, there were 176 ATMs, up from 162 in March of last year.

According to statistics at the BSP-Dumaguete, the loan portfolio of Negros Oriental has decreased by around PHP1 billion as of March 22 of this year, or about PHP10.4 billion as opposed to more than PHP11.8 billion last year, Omangay said.

Omangay stated, “So the number of borrowers has reduced, but there has been an increase in deposits or savings.”

The decline in borrowing and increase in savings or deposits for private persons and private businesses, according to Luther Palma, acting information officer of BSP-Dumaguete, may indicate that locals are savvy money managers, particularly in light of the nation’s present inflation.

Business is slow, according to Palma, because “you use credit for business.” Still, on the plus side, he believes that given the current inflation, people in this country are not “kuripot” (stingy), but rather cautious when taking out loans.

He continued, “I believe that if that is the culture of the people here, that might also indicate progress for the people of Dumaguete, and the stats also show that.

Cebuano Cebuano English English Filipino Filipino

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