Bank deposits up 11%

Philippine banks’ deposit liabilities at the end of the first quarter reached a total of P9.39 trillion, higher by 11 percent compared to the same period last year, according to the Philippine Deposit Insurance Corp. (PDIC).

Of the total amount, insured deposits reached P2.09 trillion, higher by 10 percent year-on-year.

All of these answer to a total of 51.85 million accounts. The number of accounts increased by 7.5 percent from 48.23 million accounts.

As of the end of the first quarter, 83 percent of deposits or P7.8 trillion was held in 50.15 million peso accounts. The remaining P1.6 trillion deposits were held in 1.7 million foreign currency accounts.

To help raise public awareness for deposit insurers, the PDIC is hosting the International Conference on “Raising Public Awareness on Deposit Insurance” to coincide with the 14th Annual Meeting of the International Association of Deposit Insurers (IADI) Asia-Pacific Regional Committee (APRC) on June 15-17 in Iloilo City.

The conference aims to harness information, insights, practices and other knowledge resources in the communication field toward effective public awareness programs consistent with the IADI Core Principles.

It will provide a venue to encourage exchange of experiences, challenges and lessons learned in developing and implementing effective public awareness programs among deposit insurance agencies.

The conference will likewise serve as a platform for dynamic interaction between invited communication experts and deposit insurance practitioners involved in public awareness programs.

Expected to participate are delegations from India, Indonesia, Japan, Kazakhstan, Korea, Malaysia, Mongolia, Philippines, Russia, Singapore, Taiwan and Thailand.