Bacolod city: The increase in the number of banks and the continued growth in loans and deposits indicate that financial resources remain sound in Negros Island Region (NIR), the country’s newest administrative region.

According to Philippines News Agency, the development was part of the summary of the region’s economic prospects presented by Regional Economic Affairs Staff acting head Roxan Mujeres during the 2025 Media Information Session conducted by the Bangko Sentral Pilipinas-Visayas Regional Office (BSP-VRO) at the Negros Women for Tomorrow Foundation Building here on Thursday.

“This, as reflected by an increased number of banks, number of automated teller machines, number of Paleng-QR launches, and more local government units adopting the Paleng-QR initiatives. This will continue with the growth in loans and deposits,” he said.

Paleng-QR Ph Plus is a joint initiative of the BSP and Department of the Interior and Local Government advocating for cashless, safer, and more inclusive local transactions.

Data of the BSP-VRO showed that as of March 2025, the number of banking offices in NIR increased by 2.8 percent, from 398 in 2024 to 409 this year. Negros Occidental posted an increase of 3.6 percent, now with 259 from 250 last year. In Bacolod City, banking offices now total 117 from 113 last year, with a 3.5 percent growth. Negros Oriental currently has 134, from 133, posting a 0.08 percent increase, while Siquijor has now 16, from only 15 in 2024, a 6.7 percent increase.

In the NIR, the growth in the number of automated teller machines (ATMs) of 5.2 percent is higher than the national rate of 3.5 percent. Negros Oriental grew by 6.6 percent, from 181 ATMs last year to 193 this year, while Negros Occidental rose by 4.3 percent, from 438 in 2024 to 457 in the current year. Bacolod City increased by 3.0 percent, now hosting 237 ATMs, from only 230 in 2024. Siquijor logged 11.1 percent more ATMs, from 18 in 2024 to 20 this year.

Meanwhile, the NIR’s economic prospects also showed an increase in unemployment and underemployment in July 2025. “This was primarily driven by the adverse effects of weather disturbances on key economic sectors, a decline in labor force participation, and challenges related to underemployment,” Mujeres said.

He added the NIR’s economy in 2024 “exhibited resilience and diversification, with significant growth in construction and services sectors.” “However, the contraction in agriculture underscores the need for targeted interventions to address sector-specific challenges,” he added.

Moreover, Mujeres said the region’s August 2025 inflation data indicates a positive economic trend, with significant reductions in key commodity groups contributing to the overall decrease in inflation rates. “This trend suggests improved purchasing power for consumers and a more stable economic environment in the region,” Mujeres said.

Signed by President Ferdinand R. Marcos Jr. in June 2024, Republic Act 12000 or the NIR Act created the new administrative region. With a total population of 4.904 million, the NIR is the 10th most populous region in the Philippines.