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Savings deposits grow 10%, Pinoys have P5.1 trillion in banks
Individual Filipinos, private firms and government offices parked P5.1 trillion of their cash in savings and other deposits in the country’s banks, the Philippine Deposit Insurance Corp. (PDIC) said Friday. Savings deposits increased by 10.1 percent to P2.43 trillion, the PDIC said based on data from the banks as of last September 30. Private corporations’ deposits increased by 30.2 percent to P2.79 trillion. Individuals’ deposits retreated slightly by 1.9 percent to P2.84 trillion in various types of deposits. Commercial banks saw the clients’ placements rise 7.2 percent. These banks held 88.5 percent or P4.5 trillion of total deposits. The overall deposit level in thrift banks “was almost unchanged at P461.7 billion”, the PDIC said. This sub-sector saw the closure of Banco Filipino Savings and Mortgage Bank and the LBC Development Bank last year. The Bangko Sentral ng Pilipinas (BSP) ordered the closure of Banco Filipino on March 17. It had P15 billion in deposits. Placed under PDIC receivership on September 9 was LBC Development Bank, which had P6.09 billion in deposits. The rural banking sector saw their clients’ deposits grow by 4.1 percent to P124.4 billion. Most of the 29 banks closed last year were rural banks. Among the rural banks the PDIC was tasked to liquidate are:
- Rural Bank of Calubian (Leyte) Inc.
- Rural Bank of Jordan (Iloilo) Inc.
- Rural Bank of of Angadanan (Isabela) Inc.
- Rural Bank of Valencia (Negros Oriental) Inc.
- Rural Bank of Mawab (Davao) Inc.
- Rural Bank of Mabini (Batangas) Inc.
- First Reliance Bank (Rural Bank of Indang Cavite Inc.)
- Rural Bank of Tarlac Inc.
