BSP approves opening of dozens of new bank branches


Posted at Oct 02 2017 03:00 PM | Updated as of Oct 02 2017 03:01 PM

MANILA - The Bangko Sentral ng Pilipinas has approved the establishment of dozens of new bank branches, according to a circular released on Monday.

These include 21 BDO Unibank branches, 10 by Security Bank, 3 by China Banking Corp and 1 by Rizal Commercial banking Corp, according to the document signed by Deputy Governor Chuchi Fonacier.

Some 70 regular branches and microbanking offices of BPI Direct BanKO were also approved, the document said.

S&P Global Ratings expects Philippine bank lending to grow by 15 to 17 percent this year as the economy continues to expand.