• 110 bank branches open in the Philippines in Q1

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    One hundred ten bank offices of various types were added to the existing bank offices in the Philippines in the first quarter of 2017.

    The figure was indicated in Circular Letter 2017-038 issued by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor Espenilla Jr. on June 22.

    Of the total, 47 were branches of universal and commercial banks (U/KBS), 37 were thrift bank (TBs) branches and 26 were branches of rural and cooperative banks.

    Central bank data shows that as of end-December 2016, there were a total of 28,392 branches of financial institutions in the country.

    There were 6,252 head offices and 22,140 branches and agencies.

    Total bank head offices and branches as of last year reached 11,178, while there were 17,214 non-bank financial institution offices in the country.

    Total head offices and branches of U/KBs as of last year reached 6,237 while TBs numbered 2,176 and RBs, 2,765.

    Espenilla, who heads the central bank’s Supervision and Examination Sector (SES), said there were also 110 approved applications for new banking offices around the country in the first quarter of the year.

    Total approved applications for U/KBs stood at 24; TBs 12; and RBs and co-op banks, 74.

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