Issue of May 5, 2019
     
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Bank deposits reach P12.7 T in 2018
by Press release

Data from the Philippine Deposit Insurance Corporation (PDIC) showed that total deposits in the Philippine banking system grew to P12.7 trillion on Dec. 31, 2018 from P11.7T in 2017.

The total number of deposit accounts in 2018 posted a growth of 10.1 percent to 62.9 million from 57.1 million accounts in 2017.

Of the total number of accounts, 60.5 million or 96.3 percent are fully insured by PDIC or have balances that are within the maximum deposit insurance coverage of P500,000.

“The growth of deposits, both in terms of amount and number of accounts, reflects increased depositor confidence in the banking system. It is imperative to sustain the trust of the depositing public by ensuring that PDIC is able to serve through adequate insurance coverage on deposits and effective regulation for sound deposit practices and operations of banks,” PDIC president Roberto B. Tan said.

In terms of type of deposit, savings deposits and time deposits jointly accounted for the bulk of total domestic deposits at 75.2 percent. Savings deposits amounted to P6.0T, while time deposits totaled P3.6T in 2018.

However, in terms of growth rate, time deposits and long-term negotiable certificates of deposits grew the fastest at a double-digit rate of 10.3 percent, followed by demand deposits and negotiable order of withdrawal accounts at 8.3 percent and savings deposits at 8.1 percent.

In terms of type of depositors, individuals and private corporations made up for 78.8 percent of the total domestic deposits in the Philippine banking system, while government deposits represented 13.6 percent. Deposits by banks, trust departments, and non-residents accounted for the balance.

Peso accounts amounting to P10.6T were recorded at 83.5 percent of the total domestic deposits, higher by 9.2 percent from the P9.8T posted as of end of 2017.

Foreign currency deposits amounting to P2.1T comprised 16.5 percent of the total domestic deposits, higher by 7.2 percent than the P2.0T foreign currency deposits recorded in 2017.

As the state deposit insurer, PDIC is mandated to safeguard the interests of the depositing public by way of providing insurance coverage on all types of deposits and help maintain a sound and stable banking system.

It likewise continues to promote depositor education, financial literacy, and public awareness through its “Be a wise saver” campaign, which it conducts nationwide among students, private and public sector personnel, and members of the financially vulnerable sector.

 
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Domogan conferred hall of fame plum for CSWD progs

Over 3T hired on the spot in job fair

Few barangays complied w/ profile requirement – council

Employers told to enlist domestic workers

Bar passers urged to join gov’t

Urban gardens can add to Baguio’s tourist attractions

349 hired on the spot in job fair

DOLE, OWWA release P1 M livelihood aid to CAR OFWs

DTI plans sessions to help local exporters become world-class

1.9 enrollees eyed in free TVET program

NYC assures wise mgmt of SK funds

Engineers asked to be transparent in dealings

CCTV footage of City Hall robbery suspect released

Lack of quorum cancels city council session for 2 weeks

CBAO to make inventory of city building available by Dec

Night earthquake drill to be done in Baguio as safety plan

Brigida Eskwela in city, May 20-25

Designation of action officer for special bodies proposed


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