THE Central Bank of the Philippines or Bangko Sentral ng Pilipinas (BSP) will soon open its branch in Baguio City.
“The establishment of BSP Baguio Branch will boost the local economy, supply currency requirements, ensure clean notes and facilitate exchange of currency,” BSP regional director Rogel Joseph del Rosario said, adding the branch is still under construction in Loakan.
Del Rosario added this will provide learning hub on economic and financial matters to the public, deliver consumer protection and financial inclusion services to the community,
The establishment of the branch will also strengthen link to the main office of the BSP by providing a listening post in the area and purchase gold from small scale miners.
Del Rosario said this will also strengthen corporate governance and risk management standards, enhance supervisory oversight on bank financial institutions.
The BSP construction site became a controversial after cutting 103 trees in the area despite the log ban, however, the Community Environment and Natural Resources Office in the city clarified the tree cutting permit were issued since they are exempted by the law.
To date, there 165 banking offices located in 28 municipalities and two cities in the Cordillera region. The offices are composed of 76 rural and cooperative banks, 73 universal and commercial banks, and 16 thrift banks.
Almost half of the region’s banking offices are located in Baguio City with 82. There are also 255 Automated Teller Machines spread in 14 municipalities and two cities in the region in 2016. (Ian Jefrey Addatu)
Published in the SunStar Baguio newspaper on May 23, 2017.
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