MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has given major banks as well as thrift, rural, and cooperative banks the green light to open 124 branches nationwide in the third quarter.
The BSP issued a circular approving the applications of 31 banks to open 124 new branches nationwide as well as the opening of 76 branches from July to September this year.
The regulator approved the application of BDO Unibank Inc. to open nine new branches in Bacoor City, Kidapawan City, Bustos, Malaybalay City, Davao City, Sta. Maria in Bulacan, Bacolod City, Cebu City and Tacloban City.
The country’s largest bank also opened 10 new branches in Baguio, Gapan, Virac, Dasmariñas, Muntinlupa, San Juan, Sta. Rosa, Pasig, Baguio, and Bocaue in the third quarter of the year.
The BSP also gave state-owned Development Bank of the Philippines (DBP) and Land Bank of the Philippines the green light to open 20 new branches nationwide.
DBP was allowed to open 11 new branches and extension offices in Claver, Naguilian, San Jose Del Monte, Mogpog, Placer, Siaton, Buyugan, Banga, and M’Lang while Landbank was allowed to set up nine branches and extension offices in Gen. Trias, Taguig, Mangaldan, Binalonan, Silay, Consolacion, Silang, Calamba in Misamis Occidental, and San Nicolas in Ilocos Norte.
Both DBP and Landbank opened one branch each in the third quarter.
Robinsons Bank was allowed to open five new branches in San Jose in Antique, Iloilo, Tagum, Cebu, and Legazpi.
For the third quarter, the BSP also allowed China Banking Corp. to open one branch; BPI Family Savings Bank Inc. with 19 branches; First Consolidated Bank Inc. with seven; Philippine Savings Bank with one; Optimum Development Bank Inc. with eight; Northpoint Development Bank with 28 microfinance banking offices; East West Rural Bank Inc. with 21; New Rural Bank of San Leonardo (Nueva Ecija) Inc. with five; and Rural Bank of Medina (Misamis Oriental) Inc. with one.
During the third quarter, a total of 26 banks opened 76 new branches.