The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, reportedly has increased the maximum allowable account balance for savings accounts at microbanking offices (MBOs) to PHP 40,000 (USD 968) from PHP 15,000 (USD 363). BSP Circular 694 (2010) defines MBOs as branches of larger banks that are set up in rural areas and are allowed to accept microdeposits, disburse microloans, sell microinsurance, receive and pay out remittances and electronic money transfers, and purchase foreign currency. A total of 108 banks in the Philippines applied to operate 822 MBOs from January to August 2012, covering 63 municipalities in the country.
By Brian LeBlanc, Research Associate
About Bangko Sentral ng Pilipinas
Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. Established under the provisions of the New Central Bank Act of 1993, BSP is headquartered in Manila and has three regional offices performing cash operations and eighteen branch offices. BSP participates in various advocacy programs concerning microfinance, financial education and consumer protection.
Sources and Additional Information,
PhilStar article, “BSP hikes limit for micro-deposits,” http://www.philstar.com/business/2013/04/23/933700/bsp-hikes-limit-micro-deposits
MicroCapital article, July 5, 2012, “MICROCAPITAL BRIEF: Indonesia: Banks Introduce Rabu Microsavings Program at Indonesian Banking Expo (IBEX),” https://www.microcapital.org/microcapital-brief-indonesia-banks-introduce-rabu-microsavings-program-at-indonesian-banking-expo-ibex/
MicroCapital article, May 7, 2012, “MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) May Broaden ‘Special’ Program for Distressed Rural Banks as 3rd Straight Quarterly Rise Brings Bad Loan Ration to 10%,” https://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-bsp-may-broaden-special-program-for-distressed-rural-banks-as-3rd-straight-quarterly-rise-brings-bad-loan-ration-to-10/
MicroCapital article, February 21, 2012, “MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) Tightens CAMELS, Other Requirements for Banks Offering Agricultural Microfinance Loans in the Philippinse,” https://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-bsp-tightens-camels-other-requirements-for-banks-offering-agricultural-microfinance-loans-in-the-philippines/
MicroCapital article, October 19, 2010, “MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) Approves Establisment of Microfinance Institutions in Underserved Areas of the Phillipines,” https://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-bsp-approves-establishment-of-microfinance-institutions-in-underserved-areas-of-the-philippines/
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