Banks expanded branch network in 2015

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Banks in the Philippines expanded their physical network last year to 10,756 branches and offices overall from 10,361 in 2014, the latest data from the Bangko Sentral ng Pilipinas (BSP) shows.

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Of the total network, 6,060 are universal and commercial banks, composed of 40 head offices and 6,020 other offices.

Thrift banks’ physical network reached 2,086 in 2015, consisting of 68 head offices and 2,018 other offices.

Lastly, the physical network of rural and cooperative banks reached 2,610, composed of 524 head offices and 2,086 other offices.

In its latest Report on Economic and Financial Developments, the central bank said the country’s banking system remained sound and resilient, with total resources having expanded by 10.4 percent in the third quarter of 2015.

The industry had resources totaling P11.87 trillion, up 10.4 percent from the P10.74 trillion recorded in the comparable 2014 period.

Universal and commercial banks alone had combined resources of P10.67 trillion, growing 10.5 percent from P9.66 trillion a year earlier.

Thrift banks, meanwhile, accounted for P979.6 billion, up 13 percent from P866.6 billion in 2014, while rural banks held P218.4 billion.

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