BANKING regulators have so far approved 45 “branch lite” units under a program aimed at expanding the availability of financial services nationwide, a senior Bangko Sentral ng Pilipinas (BSP) official said. “So far, 45 branch lite units have been approved. Rules covering the establishment of branch lite units — basically simplified and more flexible bank branches — were approved by the Monetary Board last December. Branch lite units can offer products and services tailored to the needs of their markets and the BSP has said that these should not include those suited for sophisticated clients with a high tolerance for risks. The Bangko Sentral has said that the establishment of branch lite units would bring financial services to 570 cities and towns in the Philippines that have no access to banks.

Source: Manila Times June 04, 2018 17:08 UTC