March, 19, 2010

The banking system slightly increased in terms of combined number of branches and banking channels at 7,914 as of September last year, the Bangko Sentral ng Pilipinas (BSP) said.BSP data showed that total number of bank branches nationwide increased by less than 1 percent from 7,898 at end-June last year, this is despite the closure of banks belonging to the Legacy Group.Of the total, the central bank is currently monitoring 797 head offices with 7,117 branches nationwide.

Number of thrift banks, meanwhile, increased from 1,291 branches to 1,298 during the period, while universal and commercial banks rose to 4,444 branches from 4,435 at end-June 2009.The country's rural banks, however, hardly grew at 2,172 at end-September.“The banking system continues to grow,” BSP Deputy Governor Nestor Espenilla Jr. had said.Espenilla, meanwhile, said bank consolidation and merger is still good for the industry, as the depositing public would be assured of healthier and more profitable banks.

.

.