Tuesday, February 14, 2012

News Update Corona among the few Pinoys who have millions in cash

Of 41.9 million accounts in all the country's banks, 28.59 million or 68.2 percent have less than P5,000 deposited in them, latest data available from the Philippine Deposit Insurance Corp. (PDIC) show.
Only 337,000 accounts have over P2 million, according to the PDIC.
The House prosecution panel in the ongoing impeachment trial has alleged that Chief Justice Renato Corona has about P31 million in peso deposit accounts and $700,000 in at least one dollar account. Corona declared in his 2010 Statement of Assets, Liabilities and Net Worth (SALN) that he had only P3.5 million in cash and investments.
The size of Corona's "cash and investments" — using the 2010 SALN figure as reference — make him one among the relative few who maintains over P2 million in banks and financial accounts.
In its Quarterly Report on Deposits as of Sept. 2011, the PDIC said that while the 337,000 bank accounts with over P2 million each represent only 0.8 percent of the total number of accounts, and account for P3.43 trillion or 67.5 percent of all deposits in all banks operating in the country.
Only 54.8 percent of bank deposits belong to individuals, the PDIC noted. The rest are deposit accounts of private firms, government offices and other institutional depositors. “Deposits of individuals declined by 1.9% from P2.84 trillion as of September 2010 to P2.79 trillion as of September 2011 but still comprised the bulk or 54.8% of total deposits.”
“In terms of insurance coverage, 97.2% or 40.8 million of the total 41.9 million deposit accounts, have balances within the maximum deposit insurance coverage of P500,000,” the PDIC also said.
30% of Pinoys have zero savings
According to the National Statistics Office (NSO) 2009 Family Income and Expenditure Survey (FIES), the richest 10 percent of Filipinos have average savings of P193,000, average annual income of P728,000, and average expenditures of P535,000.
Those with no savings and are in deficit make up 30 percent of the country's population, the 2009 FIES data show.
Middle class families earning average income ranging from P100,000 to P150,000 a year comprise another 30 percent chunk of the total population.
There are three strata or deciles of upper middle class families: those with average yearly
incomes of P189,000, P244,000, and P342,000.
Foreign currency accounts
The Bangko Sentral ng Pilipinas (BSP) said in its Dec. 20 update on foreign currency deposit units (FCDU) said that as of end-June last year, FCDUs had total resources of $31.1 billion.
On Monday, the Senate voted 13-10 to heed the temporary restraining order (TRO) the Supreme Court granted to Philippine Savings Bank, which asked the high court to intervene so that the Senate cannot force them to divulge any information about Corona’s foreign currency accounts.
PSBank is the thrift bank unit of the Metrobank Group. Metrobank owns 76 percent of PSBank, which has a license to offer FCDU services.
“Deposit liabilities remained the largest source of funds at 81.9 percent share of total (FCDU) resources and grew by 3.9 percent to $25.5 billion from $24.5 billion a year ago,” the BSP said.
“Resident depositors accounted for the majority at 98.1 percent share of deposit liabilities while the remaining 1.9 percent share was sourced from non-resident depositors,” the BSP added. — VS,