Banks and Saving banks in Philippines
The Philipines' banking system comprehends several types of banks, and one can find universal banks (19), commercial banks (19), thrift banks (73), rural banks (595) credit unions (40) and non-banks which are almost banks if one checks its functions (15). Central Bank of Philipines gives license to all of them.
Commercial banks can accept savings and deposits, issue mortages, be an agent for government entities, and they can work with other finantial companies. They can also acquire market bonds, issue letters of credit or bills of exchange (Asia United Bank or Philipine Bank of Communications are two examples). Universal banks have the same duties and powers as commercial ones, but they can also invest in non-allied enterprises (Land Bank of the Philipines is one of them).
A thrift bank can do the same transactions as a commertial bank, but they are not allowed to acquire market bonds (Central Bank of Philipines have to approve it), for example, and they are depository bank for government and local government units. Rural and cooperative banks are located in rural communities and they promote and boost their economy. While rural banks are privately owned, cooperative banks are owned by cooperatives or a federation of them.
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