Filipinos have P5 trillion in banks; Q1 deposits grow 8.9%

Filipinos have P5 trillion in banks; Q1 deposits grow 8.9%
07/07/2011 | 06:46 PM
   
More Filipinos trust the banks to keep their money safe, according to the Philippine Deposit Insurance Corp. (PDIC), citing the P411-billion rise in deposits during the first quarter.

PDIC president Valentin Araneta said Filipinos now have P5 trillion tucked away in bank vaults nationwide, and that bank deposits grew 8.9 percent in January to March.

"The continued growth of bank deposits is indicative of the continued confidence of the public in the banking system and the Filipinos’ predisposition to save for the rainy days," Araneta said.

Most of the deposits, or 88.2 percent, are with the universal and commercial banks. The thrift banks have 9.3 percent of the total deposits and rural banks hold the balance of 2.48 percent.

Deposits insurer PDIC has 97 percent of all the deposit accounts covered. Most of these have a balance of P500,000 or less.

Individual depositors own 56.2 percent of all the accounts, with the rest under the name of private corporations and government offices.

More than 47 percent of the accounts are savings deposits, 33.7 percent are time deposits, and 19.1 percent a checking accounts.

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