CTB marks 'Thrift Banks Week'

The Chamber of Thrift Banks (CTB) celebrated Thrift Banks Week from March 5 to 11. It will hold its annual convention tomorrow March 10, at 8 a.m. at the Grand Ballroom of Hotel Inter-Continental with the theme: Thrift Banks - Government's Partner in Housing and Countryside Development.

CTB, composed of 29 savings mortgage banks, 27 private development banks, and 23 stock savings and loan associations, plays an important role in the task of providing people with decent and affordable housing in urban areas and in the countryside in partnership with the national government. It is well-prepared for the role, with 1,500 branches strategically located all over the country.

President Estrada will be the guest of honor. Topics and speakers include: Propelling Thrift Banks Towards On Line Banking & E-Commerce, Zoilo Jesus dela Cruz, president of Infoserve; The Government's Housing Program, HUDCC chairman Leonora V. de Jesus; The Perfect Solution in Document Management, Anthony Reganot, Solid Business Machine Development manager; Addressing Thrift Bank's Capital Build-Up Through the Stock Market, Jose Fernando Alcantara, Philippine Stock Exchange vice president; Bankers are Better and Other Sexual Myths; Dr. Margarita Holmes; The New Rules of the Game: Financial Strength, Consolidation, Technology, Bangko Sentral ng Pilipinas Gov. Rafael Buenaventura.

As of the end of November last year, thrift banks in combination registered total loans amounting to P134.9 billion.

Of the amount, according to Lee Pueblo, Planters Development Bank corporate communications director, P29.4 billion went to the real estate industry, with one-half allocated to individuals for the purchase of residential houses and lots, while the rest was used to finance development of housing subdivisions.

In the early 70s, the Central Bank (now Bangko Sentral ng Pilipinas) and the International Monetary Fund, working in tandem, consolidated certain financial institutions and classified them all as thrift banks.