Philippine bank network grows in Q2


Posted at Oct 03 2012 08:29 PM | Updated as of Oct 04 2012 04:36 PM

MANILA, Philippines - The Philippine banking network grew in the second quarter, according to the Bangko Sentral ng Pilipinas.

The number of bank branches and head offices increased to 9,207 in the second quarter of 2012, up from 9,186 in the first quarter.

The BSP attributed the expansion to improved accessibility of banking services in the country.

In the second quarter, 712 banks operated in the country, slightly lower than the 723 operating in the first quarter. The figure includes 37 universal and commercial banks, 69 thrift banks, and 606 rural and cooperative banks.

However, the remaining banks increased the number of branches in the second quarter.

Of the 9,207 bank network, 4,965 were head offices and branches of universal and commercial banks; 1,522 were thrift bank branches; and 2,720 were rural and cooperative bank branches.

The BSP is encouraging industry players to expand their network, especially in rural areas. It noted that the growth in bank branches is seen in the urban areas.