The country’s banking sector continued to expand, with industry players opening a total of 192 branches in the third quarter of 2013.
The establishment of more bank branches was attributed to the increase in business activities and the robust expansion of the Philippine economy, which was one of the fastest-growing in Asia in the first three quarters of 2013.
The Bangko Sentral ng Pilipinas reported on Monday that 95 new branches of universal and commercial banks, and 97 new branches of thrift and rural banks opened during the period.
Asia United Bank opened the most new branches among universal and commercial banks in the third quarter of 2013, with 19.
Eastwest Bank and Banco de Oro (BDO) followed with 18 and 10, respectively.
According to the central bank, the banking sector’s expansion in the third quarter was expected to be sustained as there are pending applications to open more branches with the BSP.
Eastwest and AUB also topped the list of banks with pending applications for more branches, at 54 and 26, respectively.
The BSP is encouraging the opening of more branches to improve Filipinos’ access to crucial financial services.
Banks are specifically urged to open more branches outside the National Capital Region to finance job-generating investments in the rural areas.
Bank lending, meanwhile, is seen to continue growing this year to finance investments, such as in infrastructure through the government’s Public-Private Partnership (PPP) program.
The Philippines last year became one of the fastest-growing economies, growing by an average of 7.4 percent in the first three quarters.
Economic growth in the fourth quarter of 2013 is expected to slow down given the adverse impact of Super Typhoon Yolanda, but officials said the full-year growth figure would still be within the official target of 6 to 7 percent.