Combined resources of rural banks up 1.74%

The combined resources of the rural banking system grew by 1.74 percent over the nine-month period in 1999, according to a senior banking official.

Melito S. Salazar Jr., Bangko Sentral ng Pilipinas Monetary Board Member, was the keynote speaker of the 24th Annual Management Conference of the Confederation of Central Luzon Rural Banks (CCLRB) held recently at Seawind Resort, Boracay Island, Aklan.

Addressing some 130 delegates of Central Luzon rural banks, Salazar said that "we at the BSP take cognizance of the indispensable role of rural banks in raising the quality of life in the countryside. You play a significant role in promoting the equitable distribution of opportunities as well as the sustainable expansion of production in your respective communities."

The total resources for the reference period amounted to P59.768 billion. This is a two percent contribution to the total banking sector's assets during the period cited.

The performance for the nine months of the rural banking sector show a sustained share/contribution to the banking sector by the rural banks despite minimal gains in assets," he stated.

"Success is such a fluid environment belonging to those who are willing to change. To throw away the yoke of pat inappropriate behavior and values and past inefficiencies. To rural bankers, who are ready to invest in people, time and resources; who keep a tradition of values, that help support society and not destroy; who keep pace with the changing technology and environment; who are not narrow-minded but look at rural banking in relation to its pivotal role in shaping a better life for the Filipino people," he concluded.

The theme of the three-day conference is "Rising Proudly to the Challenges of the New Millennium."

The other speakers were Philippine Deposit and Insurance Council president Ernest Leung, Land Bank of the Philippines senior vice president Antonio Hernandez, Phil. Credit and Financing Corp. president Jose Medina Jr., Philippine Chamber of Industry and Commerce president Benito Estacio, BSP director Wilfredo Domo-ong, and BSP director Joan M. Cortes.