1992: Year that Republic Act No. 7353, which provides for the creation, organization and operation of rural banks, was approved. Known as the Rural Bank Act of 1992, it repeals the Rural Banking Act of June 1952.
40: Minimum percentage of voting stock in a thrift bank that should be owned by Filipino citizens, according to Republic Act No. 7906 or the “Thrift Banks Act of 1995.”
595: Number of rural banks under the supervision of the Bangko Sentral ng Pilipinas as of April 2011
70+: Estimated number of thrift and savings banks under BSP supervision as of April 2011
1957: Year that the Rural Bankers Association of the Philippines (RBAP) was incorporated. Founded in 1955, the RBAP was established to promote the general welfare and safeguard the common interests of rural bankers.
11: Total number of thrift and savings banks allowed to open 17 new branches by the BSP in July 2011. In the same month, the BSP also allowed 11 rural banks to open 21 new branches.
P100 million: Minimum amount of capital base required of a rural bank before it is allowed to put up additional branches in Metro Manila, according to a BSP circular issued last June 2011.
P554.73 billion: Total amount of bank resources – which include deposits and retained earnings – of thrift banks nationwide, as of end-March 2011.
P178.21 billion: Total amount of bank resources of rural banks in the country as of March 2011.
Compiled by Schatzi Quodala, Inquirer Research
Sources: bsp.gov.ph, rbap.org, PDI Archives