BSP approves four regular branches in the 2nd quarter

THE BANGKO SENTRAL ng Pilipinas (BSP) approved less regular bank branches in the second quarter versus a year ago, according to a circular letter signed by BSP Deputy Governor Chuchi G. Fonacier on Oct. 11.

The Monetary Board approved applications for new banking offices of five banks in the second quarter, with two being thrift banks and three being rural banks.

Among the five banks that applied, the BSP allowed China Bank Savings, Inc. to put up two regular branches in Cavite.

The Monetary Board also allowed First Isabela Cooperative Bank to set up two regular branches — one in Tarlac and the other in Pangasinan. 

The four regular branches approved in the second quarter were less than the five permitted in the same period in 2022, but more than the three approved in the previous quarter.

Meanwhile, there were 39 branch lite units (BLUs) approved in the April-to-June period this year. The applications were from BPI Direct BanKO, Inc., A Savings Bank, Lifebank – A Rural Bank, and Rural Bank of Escalante (Negros Occ.), Inc.

The 39 BLUs approved in the second quarter was below the previous quarter’s 75 applications but above last year’s 34 approved BLUs.

Sixteen lenders also opened new banking offices in the second quarter. There were nine regular branches that opened for the first time during the period, while banks opened 42 BLUs.

Universal and commercial banks, namely China Banking Corp., Hongkong and Shanghai Banking Corp., and Security Bank Corp., opened three regular branches in the second quarter.

Rural and cooperative banks opened six regular branches. These were BOF, Inc. (A Rural Bank), Cooperative Bank of Bohol, First Imperial Business Bank, Inc. (A Rural Bank), and Rural Bank of Rizal (Zamboanga del Norte), Inc. — K.B. Ta-asan