Thrift banks urged to brace for competition

THRIFT banks are well placed to support countryside development going forward, but the industry should raise its game and prepare for challenges from increased competition and from a rapidly changing operating environment, the country’s central bank governor said.

In his keynote speech at the Chamber of Thrift Banks (CTB) 2017 Convention held in Makati City on Tuesday, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said the thrift banking sector “continues to support growth of the banking system.”