47 Towns in Central Visayas Have No Banks

(PNA) — A total of 47 municipalities in Central Visayas do not have bank branches, nine of which are in Cebu, a list from the Bangko Sentral ng Pilipinas (BSP) shows.

As of September 2014, the towns in Cebu without a single bank are Alcantara, Alegria, Aloguinsan, Badian, Ginatilan, Malabuyoc, Pilar, Tabuelan and Tudela.

Bohol has 23 towns without banks, while Negros Oriental has 12.

Siquijor has three towns with no banking services.

The Monetary Board is encouraging banks to open in unbanked municipalities by waiving processing fees for the establishment of branches in unbanked areas.

It is also expanding allowable activities for micro-banking offices.

Aside from disbursement and release of proceeds of all types of micro finance loans, micro banking offices will be allowed to provide educational loans, health loans, emergency loans and other types not covered by existing regulations.

Banks wanting to increase the P40-million limit of monthly average daily balance of micro deposit loans will be allowed to apply for BSP approval.

The expanded services are meant to primarily cater to the needs of micro finance clients.

Prudential requirements and operational controls will be retained. (PNA) FPV/EB