Mayor asks Bangko Sentral to increase capitalization-A A +A
Friday, October 25, 2013
ILOILO City Mayor Jed Patrick Mabilog has asked the Bangko Sentral ng Pilipinas (BSP) to increase its capitalization from P50 billion to P200 billion to enhance the national economy.
The mayor hailed the increase as soon as Congress passed Senate Bill 1865, filed by Senate President Franklin M. Drilon, which bats for amendments to the current BSP charter on top of the P200-billion capitalization.
Mabilog said the amendments and expanded capitalization will enhance the BSP’s capability to perform its role in protecting the savings of depositors and in ensuring smooth flow of transactions in the financial market.
Drilon also said that an empowered BSP promotes a financial system that delivers high quality of life for the Filipinos.
According to a BSP report, Iloilo hosts the most bank deposits at P60.6 billion followed by Negros Occidental (P60 billion); Aklan (P13.7 billion); Capiz (P9 billion); Antique (P144 million); and Guimaras (P37 million).
Banks in Western Visayas have P143 billion in deposits and P37 billion net loan portfolio, which Mabilog claimed to help propel the region’s economic growth.
Western Visayas’ positive economic growth is placed at 8.2 percent which is higher than the national average of 6.8 percent.
As of June 2012, Negros Occidental has the highest amount of loans amounting to P19.2 billion, followed by Iloilo with P14.7 billion; Capiz with P1.7 billion; Aklan with P1.5 billion; Antique with P197 million; and Guimaras with P18 million.