The number of bank branches operating in the Philippines expanded in the second quarter of the year, latest data from the Bangko Sentral ng Pilipinas (BSP) said.
According to BSP data, the total number of bank’s branches reached 9,543 as of end-June this year. This is higher by 66 offices compared to previous quarter’s 9,477. It was also 366 more than the 9,207 recorded in the same period last year.
By type of banks, branches of universal and commercial banks
reached a total of 5,234 at end-June. This was composed of 36 head offices and 5,198 other offices. Total branches of universal and commercial banks in the second quarter was higher by 66 offices compared to previous quarter’s 9,477, and 296 more than the 4,965 recorded last year.
On the other hand, branches of thrift banks reached a total of 1,662 at end-June. This was composed of 70 head offices and 1,592 other offices. Total branches of thrift banks at end-June was higher by 21 offices compared to end-March’s 1,641, and 140 more than the 1,522 recorded last year.
However, branches of rural and cooperative banks suffered a decline in the second quarter of 2013 with only 2,647 offices.
This was composed of 577 head offices and 2,070 other offices.
This was down by seven offices compared to previous quarter’s 2,654, and lower by 73 offices from the 2,720 recorded last year.
In connection, the BSP recently approved the consolidation of six cooperative banks under the Strengthening Program for Cooperative Banks.
The central bank noted that the constituent banks in the said consolidation come from Luzon, Visayas and Mindanao.
Mayvelin U. Caraballo