BACOLOD: Total bank deposits in Negros Occidental and Bacolod City reached PHP359.5 billion in 2023, higher than PHP342.3 billion in 2022, data presented by the Philippine Deposit Insurance Corp. (PDIC) on Tuesday here showed.
‘The deposits in Negros and Bacolod in Region 6 are growing. Based on the indications, the local economy is good,’ Jose Villaret Jr., PDIC vice president for Corporate Affairs Group, said during the PDIC 101: Understanding Deposit Insurance media briefing held at L’ Fisher Chalet.
In 2023, deposits in Negros Occidental amounted to PHP208.9 billion, while in this highly-urbanized city, PHP150.6 billion.
These figures are much higher than the total bank deposits in 2022, which is only PHP204.5 billion in Negros Occidental and PHP137.8 billion in Bacolod City.
Data further showed that in the past year, there were 1.401 million bank accounts in Negros Occidental, higher than 1.338 million in 2022.
In Bacolod City, the total number of bank accounts also increased to 783,026 in 2023 from
only 740,323 in 2022.
The number of banking offices in Negros Occidental last year totaled 248 from 244 in 2022, while in Bacolod City, 112 in the past year, from 113 in 2022.
In line with the PDIC campaign for safe and responsible banking, Villaret shared the ‘Seven Habits of a Wise Saver.’
Being a wise saver means you should ‘know your bank,’ ‘know your bank products,’ ‘know your bank’s services and fees,’ and ‘keep your bank records safe and updated.’
Also, the saver must ‘transact with authorized bank personnel and on official channels only,’ ‘be informed about PDIC deposit insurance,’ and ‘be cautious of offers that are too good to be true.’
‘Where to save? It’s the bank that you know well and with integrity. You must choose a bank that’s run by people whom you trust,’ the PDIC official said.
As a deposit insurer, the PDIC provides a maximum deposit insurance coverage of PHP500,000 per depositor per bank and covers all types of bank deposits.
For insurance purposes, all deposit accounts of a depos
itor in a closed bank maintained in the same right and capacity shall be added together, while joint accounts shall be insured separately from any individually owned deposit accounts.
Source: Philippines News Agency