Rural banks’ growth on track

To protect the deposits of the public, the Bangko Sentral ng Pilipinas (BSP) supervises all banks not only according to its own strict guidelines but also according to international standards. When the performance of banks deteriorates and remedial measures fail to correct the situation, the concerned banks are closed.

By having the largest number of banks, it only follows that rural banks will also have the highest possibility of closures. To date, there are 534 rural banks providing basic banking services to mostly rural-based Filipinos nationwide.