THE native banks’ bodily community expanded, albeit at a slower price, in 2020 amid the worldwide well being disaster.
Knowledge from the Bangko Sentral ng Pilipinas (BSP) confirmed that the entire variety of financial institution branches hit 12,985 in end-December 2020, up 0.9 p.c from the 12,870 financial institution branches seen within the earlier yr.
Whereas banks have been nonetheless in a position so as to add 115 branches for the yr, the growth was slower in comparison with the 4.24-percent progress of financial institution branches seen in 2019, the place native lenders added 547 branches in a yr’s time.
Development in financial institution branches in 2020 was primarily pushed by common banks, which expanded their bodily community by 1.5 p.c or by 96 branches in 2020. That is adopted by the growth of rural and cooperative banks, which grew by 0.51 p.c or 16 branches for the yr.
Branches of each industrial banks and cooperative banks have been largely flat in the course of the yr, with industrial banks including two branches from 573 to 575 for 2020 and cooperative banks including six branches from 161 to 167 branches.
The variety of thrift banks, alternatively, contracted in the course of the yr by 0.19 p.c from 2,683 in 2019 to 2,678 branches in 2020.
BSP Governor Benjamin Diokno has lengthy expressed help for the banking system’s resilience within the face of the worldwide well being disaster.
In one among his latest talking engagements, Diokno mentioned that whereas the complete impression of the pandemic continues to be unfolding, the excellent news is that the Philippine banking system is predicted to face up to the impression of the pandemic.
“The monetary system is in a robust place to each climate the numerous financial impact attributable to the Covid-19 pandemic and help the nation’s financial restoration. The home banking system is predicted to stay comparatively steady within the subsequent two years,” Diokno mentioned.
