Philippine rural banks decline in number

There are now 33 less banks operating in the Philippines due to consolidation and closure.

According to the Bangko Sentral ng Pilipinas, there were 764 remaining banks as of September 2010 from the 797 registered in the same month in 2009.

However, the number of universal and commercial banks and thrift banks remained unchanged at 38 and 73, respectively.

it is the number of rural banks that made the difference. It totaled 653 in January-September of last year, down from the 686 recorded in the same period in 2009, the BSP said.

The BSP added that branches of universal and commercial banks, thrift banks, and rural banks around the country rose to 8,740 during the first nine months of last year from 8,564.