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MANILA – The Bangko Sentral ng Pilipinas has lifted the moratorium on additional bank branches.
Under BSP Circular No. 759, the Monetary Board removed the limit on the number of branches that a bank can put up at any given time.
According to the new rule, a bank can establish as many branches as its qualifying capital can support.
Putting up a branch of a commercial bank usually costs P20 million with the qualifying capital set at P2.5 billion.
In the case of thrift banks, the license costs P15 million and the parent firm required to maintain P300 million as qualifying capital.
The lifting of the moratorium came six months after the BSP removed restrictions on setting up new branches in eight cities, namely Makati, Manila, Mandaluyong, Paranaque, Pasay, Quezon and San Juan.
Given licenses to expand in the said cities were Philippine Business Bank, Development Bank of the Philippines, Planters Bank, Security Bank, EastWest Banking Corp. and the Bank of Commerce.
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