BSP clears fewer regular branches in the 3rd quarter
THE BANGKO SENTRAL ng Pilipinas (BSP) approved fewer regular bank branches in the third quarter of 2023 compared with the previous year, based on a circular letter signed by BSP Deputy Governor Chuchi G. Fonacier on Jan. 5.
The BSP green-lit six new regular branches in the period, lower than the 12 regular branches approved in the third quarter of 2022.
It also approved applications for four new branch-lite units (BLUs) of universal and commercial banks, thrift banks, and rural and cooperative banks. This is significantly below the 82 BLUs approved in the same quarter in 2022.
The Monetary Board approved the applications for new banking offices of six banks in the third quarter, with three being big banks, two rural banks, and one thrift bank.
Three of the newly approved regular branches in the third quarter were for BDO Unibank, Inc. and one was for China Banking Corp. BDO was allowed to set up branches in Batangas City, Nueva Vizcaya, and Sta. Mesa, Metro Manila, while China Bank will put its branch up in Binondo, Metro Manila.
The BSP allowed CARD SME Bank, Inc. — a thrift bank — to open two regular branches: one in Zamboanga Sibugay and another in Palawan.
Meanwhile, Bank of the Philippine Islands was also given the go signal to put up a branch-lite unit in Makati City. Bankways, Inc. (A Rural Bank) was allowed to open two BLUs, or one each in Southern Leyte and Bohol, and Rural Bank of Tanjay, Inc. was cleared to open a BLU in Kabankalan City.
On the other hand, in the same period, 17 banks opened regular branches, BLUs, and microfinance units, a tad lower than the 18 banks during the third quarter of 2022.
Of this total, there were six regular branches opened in the third quarter of 2023, the central bank said. — K.B. Ta-asan
