Growth spurt

The rural banking industry is now starting to feel the effects of the policies laid down by regulators to encourage more growth among rural banks.

In the coming months, 13 rural and cooperative banks will get to open new branches after the Bangko Sentral ng Pilipinas gave them authority to open new branches in different parts of the country, in line with the BSP’s efforts to promote a more inclusive financial system. The BSP said this is a continued evidence of the strength and vitality of the banking system, which will further boost the government’s financial inclusion efforts.