Number of Pinoy depositors up in last 2 yrs

MANILA, Philippines - The number of Filipinos with savings accounts has increased in the last two years, Bangko Sentral ng Pilipinas data showed, reflecting a more inclusive financial system.

According to BSP Governor Amando M. Tetangco Jr. there were 47 million deposit accounts held by 38.4 million account holders as of June this year, a significant increase from the 40.1 million accounts in the name of 31.1 million deposits recorded as of March 2012.

In terms of value, Tetangco said outstanding deposits reached P7.9 trillion as of June, growing annually by about 13 percent in the last five years.

“All of these data confirm that we have been experiencing not just growth but rather increasingly participative growth… Bank deposits, for instance sustained their growth both in value and number of accounts,” Tetangco said.

He also pointed out a drop in the number unbanked municipalities as more alternative channels are being used to cater to low-income clients.

“We have seen a rise in the use of electronic money; an increase in the number and reach of automated teller machines; as well as the expansion of the microfinance portfolio of the banking industry,” Tetangco said.

These developments should be encouraging to financial institutions and those in banking, trust and pensions as they open up opportunities to take advantage of a more inclusive financial system.

“These banking indicators point to a rise in retail savers, the very segment who we believe can migrate into investors as they prepare for their future through trust and pension products,” Tetangco said.

The country has seen 62 consecutive quarters of robust economic growth so far and this should alone present opportunities as this will ultimately translate to gains for the individual consumer.

“This measure of inclusiveness – in the form of the general public’s access to financial products and services as well as the ability of growth to reflect and reward collective effort – is the hallmark of stability,” Tetangco said.

The BSP has long advocated the push for financial inclusion thus supporting the wider range of products being offered by banks such as micro deposits, micro insurance, micro-agri loans, and housing microfinance among others.

The central bank has also implemented guidelines for micro-banking offices and e-money issuers to support the aggressive expansion of financial institutions to reach more consumers.