The Bangko Sentral ng Pilipinas has approved the opening of over 100 new bank branches, hoping to improve accessibility of financial services in the country.
Regulators said that with the economy now on a growth path, the need for financial services naturally would increase, and the establishment of more bank branches should address that need.
They also said that the approval of bank branch applications should help spur the economy by making bank services, especially loans, available to individuals and enterprises.
As of the third quarter of 2011, the BSP reported that it had approved the establishment of 126 new bank branches. It said eight universal and commercial banks sought 36 new branches, eight thrift banks opened 25 outlets, while 21 rural banks established 65 more offices.
Banco de Oro, the country’s largest bank in terms of asset size, opened three new branches, one of which it intended to put up in Singapore to meet rising demand for banking services, particularly remittance facilitation sought by migrant workers there.
Other universal and commercial banks that will put up branches all over the country include China Bank, Development Bank of the Philippines, East West Bank, Metropolitan Bank & Trust Co., Philippine National Bank, Philippine Trust Co., and Rizal Commercial Banking Corp.
Also, the following thrift banks secured the BSP’s approval to put up more branches: China Bank Savings, Citibank Savings, Iloilo City Development Bank, PS Bank, Producers Savings Bank, UCPB Savings Bank, Malayan Bank Savings and Mortgage Bank, and RCBC Savings Bank Inc.
Several rural banks, such as One Network Bank, the biggest in Mindanao, were given the go signal to put up new branches.
Regulators said the establishment of more bank branches in the country should fuel credit expansion, which was said to have helped the local economy even during last year’s global financial troubles.