Therefore, SBP under its Branch Licensing Policy has made it compulsory for banks to open at least 20% of their new branches in rural localities and under-served areas. These regulatory measures are bearing fruit and branch penetration in rural areas has started to improve.
Amando M Tetangco, Jr: Banking sector developments in the Philippines Speech by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines (Bangko Sentral ng Pilipinas), at the ILF MOA Signing Ceremony, Manila, 25 March 2008.