The central bank of the Philippines has given the go-ahead to 16 banks to open 81 new branches across the nation.
Most of the approvals have been granted to the country’s six universal and commercial banks, which have secured approval to open 47 new branches.
The Bank of Commerce, BDO Unibank, Security Bank, have secured the approval to open 15, 11, 11 branches, respectively. Land Bank of the Philippines has received an approval to open seven branches, while China Banking Corporation and Rizal Commercial Banking will open two and one branches, respectively.
The Bangko Sentral ng Pilipinas has also approved the application of thrift or mid-sized banks to set up 16 new branches in Philippines.
Further, rural banks and cooperative banks have secured the approval to launch 18 new branches across the country.