Issue of May 8, 2022
     
NEWS
Abra
Benguet
Ifugao
Mt. Province
 
OPINION
 

Obituaries
 
Other Links:
BSP hits 2021 target on digital economy
by PNA

The country’s banking system continues to show resiliency as the Bangko Sentral ng Pilipinas hit its target for digital payments in 2021.

“We achieved in 2021 the target of a 20 percent increase in digital payments that was set in 2015,” said Noel Neil Malimban, BSP Northern Luzon regional director.

Amid restrictions caused by the Covid-19 pandemic, he said the use of digital platforms accelerated as people decided to open digital accounts.

Malimban said the BSP’s goal of financial inclusion was not only limited to encouraging every Filipino to open and have an account with a banking institution but also convincing them to open an account on digital platforms.

In 2021, he said the number of banks that operate in the Cordillera increased from 200 to 202 with the opening of two rural banks in Ifugao.

The opening of banks or branches of a bank proved that the economy is moving forward and that the people are giving their trust in the banking system.

“When banks open, the economy is good because a bank is an intermediary. Iniipon ng mga tao ang pera through deposits at ‘yung mga nangangailangan na umutang sa kanila ay umuutang kasi uutang ka dahil magi-invest ka. Mga businessmen, uutang. Ang mga tao, uutang sa bangko dahil may pagkakagastusan sila,” Malimban said.

The digital financial platforms are also drivers of the economy, he added.

He said money circulating through different channels is good for the economy.

“The economy becomes okay when people spend. Based on the latest data which is the end of September 2021, we continue to see overall credit conditions providing ample support to economic activity as bank lending in Cordillera grew by 8.1 percent. Loan portfolio of banks was recorded at P20.2 billion from P18.7B in the same period a year ago,” he said.

Based on the economic performance report of the Philippine Statistics Authority released last week, the Cordillera posted a 7.5 percent growth in its Gross Regional Domestic Product (GRDP).

Banking, which is part of the service sector and among the 15 indicators of the GRDP, has shown a positive growth of 7.6 percent in 2021.

Financial activities are 11.9 percent of the GRDP, which is the third contributor to the region’s economy.

 
Read more:
 
Ukraine urges PH firms to stop doing business with Russia
   
Low agri output of CAR in ‘21 due to ASF, crop damage
   
DTI warns business owners price tagging is mandatory
   
25 PDLs in MP complete TESDA construction painting training
   
CAR unemployment down to 5.4% in 2020
   
BOC posts P10 B surplus
   
DA urges farmers to follow seeding rate to save on costs
   
Financing options enhance competitiveness of MSMEs
   
6,000 farmers, fisherfolk in Benguet receive P5,000 aid
   
DOST says PHL should pursue developing high value products
   
Palace says more people have jobs this year than in 2021
   
Expanded Golden Rice seed prod’n begins
   
NEDA hosts for a on PCA
   
New law to propel electric vehicle industry in PHL
   
Countryside dev’t to help spur tourism
   

Your Ad Here


BUSINESS
Ukraine urges PH firms to stop doing business with Russia

Low agri output of CAR in ‘21 due to ASF, crop damage

DTI warns business owners price tagging is mandatory

25 PDLs in MP complete TESDA construction painting training

CAR unemployment down to 5.4% in 2020

BOC posts P10 B surplus

DA urges farmers to follow seeding rate to save on costs

Financing options enhance competitiveness of MSMEs

6,000 farmers, fisherfolk in Benguet receive P5,000 aid

DOST says PHL should pursue developing high value products

Palace says more people have jobs this year than in 2021

Expanded Golden Rice seed prod’n begins

NEDA hosts for a on PCA

New law to propel electric vehicle industry in PHL

Countryside dev’t to help spur tourism



Baguio Country Club
Congressman Eric Yap
Department of Agriculture – CAR
Department of Health – CAR
Department of Human Settlements and Urban Development
Department of Labor and Employment – CAR
Gov. Melchor Daguines Diclas, MD
National Grid Corporation of the Philippines
Pines City Colleges
Sangguniang Panlalawigan
Sangguniang Panlungsod
SiTEL
SM
The Department of Transportation – Land Transportation Office CAR
The Manor

Amare La Cucina
Baguio Center Mall
Baguio Water District
Benguet Electric Cooperative, Inc.
Benjamin CID Educational Supply
Bruno’s Restaurant
Bureau of Aquatic Resources – CAR
C & Triple A Supermart
Congressman Mark Go and Sol Go
Department of Environment and Natural Resources – CAR
Mayor Benjamin B. Magalong
Mayor Romeo K. Salda
MV Alabanza Longganisa
Overseas Worker Welfare Administration – CAR
Philex Mining Corporation
Regional Development Council – CAR National Economic and Development Authrority – CAR

Home | About Us | Editorial Policy | Contact Us  
News | Opinion | Snapshots | Week's Mail | Obituaries  
Copyright © 2007-2015. All Rights Reserved. baguiomidlandcourier.com.ph