MANILA, PHILIPPINES — In a recent report released by the Bangko Sentral ng Pilipinas (BSP), the top 16 wealthiest provinces in the Philippines have been identified in terms of total bank deposit liabilities. The list, which covers data from 2022, reveals the provinces that have the highest amount of deposits held in banks.

Total deposit liabilities refer to the total amount of funds that banks are obligated to pay back to their customers for the deposits made by them. These deposits include savings and checking accounts, time deposits, and other types of deposit accounts. 

It is the sum of savings deposit, demand deposit, time certificates of deposit, long-term negotiable certificates of deposit, and negotiable order of withdrawal (NOW) accounts.

The total of all these deposit liabilities is considered the total bank deposit liabilities of a particular bank or a group of banks in a specific area.

Leading the pack is Cebu City, with a total bank deposit liability of PHP 644.52 billion. Following closely behind is the province of Laguna, with a total of PHP 353.62 billion in bank deposits. In third place is Cavite, with a total of PHP 350.17 billion.

The rest of the top wealthiest provinces are as follows:

4. Pampanga – PHP 326.25 billion
5. Davao Del Sur- PHP 304.29 billion
6 Bulacan – PHP 243.93 billion
7. Batangas – PHP 242.99 billion
8. Rizal – PHP 202.85 billion
9. Iloilo – PHP 193.66 billion
10. Negros Occidental – PHP 179.11 billion
11. Pangasinan – PHP 152.07 billion
12. Misamis Oriental- PHP 140.64 billion
13. Benguet – PHP 123.37 billion
14. Nueva Ecija – PHP 116.21 billion
15. Zamboanga Del Sur – PHP 109.22 billion
16. Quezon – PHP 109.20 billion

The increase in bank deposits in these provinces can be attributed to factors such as population growth, education and income levels, tourism, urbanization, and economic development. Additionally, the high level of bank deposits in these areas is an indicator of the strong economic activity and stability of the provinces. – WhatALife!/Jayve

Source: (1)

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