The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks. As of September 30, 2022,[1] there were 45 universal and commercial banks,[2]44savings banks,[3] 400 rural and cooperative banks,[4]40credit unions and 6,267 non-banks with quasi-banking functions, all licensed by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) under the General Banking Act of 2000.[5]
On top of regular banking services offered by universal, commercial, thrift and rural banks, there are savings and loan associations which are mainly based in communities and among retirees in the armed forces and the police organization and other employees of the government of the Philippines. Prominent among these small savings services is the Armed Forces and Police Savings & Loan Association, Inc. (AFPSLAI), which is exclusive to active servicemen and retirees of the armed forces in the Philippines.[6]
Source: Bangko Sentral ng Pilipinas[7]
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