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Microfinance Banks Allowed to Operate as Thrift, Rural

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THE CENTRAL BANK will soon extend microfinance-oriented banks the option to convert to become regular thrift or rural lenders, following a series of reforms introduced by the regulator to open up the Philippine banking sector.

 The Bangko Sentral ng Pilipinas (BSP) through Circular 929 said it will “allow the conversion of microfinance-oriented thrift banks (TBs) and rural banks (RBs) to regular TBs and RBs as well as the conversion of their microfinance-oriented branches to regular branches,” effectively lifting the ban set under the Manual of Regulations for Banks in 2008.
The new circular was signed on Oct. 28 by BSP Governor Amando M. Tetangco, Jr. and was posted on the central bank’s Web site over the weekend.

For more on this story visit the following link: Microfinance Banks Allowed to Operate as Thrift, Rural

Source: Business World Online

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