Bank Deposits in Negros Occidental and Bacolod City Surpass PHP 359 Billion in 2023

BACOLOD CITY — Bank deposits in Negros Occidental and Bacolod City have reached PHP359.5 billion in 2023, marking a significant increase from PHP342.3 billion recorded in 2022.

According to Philippines News Agency, Jose Villaret Jr., PDIC Vice President for Corporate Affairs Group, highlighted the growth during the PDIC 101: Understanding Deposit Insurance media briefing at L’ Fisher Chalet. He noted that the rising deposit figures indicate a robust local economy in Region 6. In detail, deposits in Negros Occidental stood at PHP208.9 billion, while Bacolod City accounted for PHP150.6 billion.

The increase in bank deposits was accompanied by a rise in the number of bank accounts; Negros Occidental saw its accounts increase to 1.401 million from 1.338 million in 2022, and Bacolod City’s accounts grew to 783,026 from 740,323 in the previous year. The number of banking offices also adjusted slightly, with Negros Occidental hosting 248 offices, up from 244, and Bacolod City maintaining 112, slightly down from 113.

During the briefing, Villaret also shared the “Seven Habits of a Wise Saver,” which includes knowing your bank and its products, transacting through authorized personnel, and being informed about PDIC’s deposit insurance which covers up to PHP500,000 per depositor per bank. He emphasized the importance of banking with institutions that depositors know well and trust.

The data underlines the continued growth and stability of the banking sector in Negros Occidental and Bacolod City, contributing to the broader economic health of the region.