Philippines’ central bank approves banks to open 100 new branches

The ruling will enable lenders cater to financial needs of booming business activities in the country especially in rural areas.

The Bangko Sentral ng Pilipinas approved in the first quarter the opening of close to 100 new branches of different banks nationwide, citing the people’s need for wider access to financial services brought on by a growing economy.

The approved branch applications were on top of the 54 new bank outlets of universal/commercial, thrift and rural banks that had actually opened in the first three months of the year, the regulator said.

In a report, the BSP said there was a significant number of universal/commercial banks, thrift banks, and rural banks that had submitted applications for the opening of new branches in urban and rural areas.

Officials said these applications were in response to rising demand for bank products and services.

According to the report, universal/commercial banks that had secured the regulator’s approval to open new branches were: Asia United Bank, with six new branches; Banco de Oro, five branches; Philippine National Bank, five branches; Allied Banking Corp., five branches; United Coconut Planters Bank, five branches; Security Bank Corp., four branches; Metropolitan Bank & Trust Co., four branches; China Banking Corp., four branches; East West Bank, four branches; Land Bank of the Philippines, three branches; and RCBC, two branches.

The central bank said 11 thrift banks were also allowed to open 17 new branches, while 11 rural banks got the green light to open 21 branches.

View the full story in The Philippine Daily Inquirer.