Audit Specialized
performs a critical function in the philippine economy as it is primarily responsible for the mobilization of domestic savings in the conversion of these funds into directly productive investments
banking and finance sector
the philippines banks are classified into three types:
universal and commercial banking, rural and cooperative banking, thrift banking
the most dominant or has dominated the philippines banking industry with total deposits of approximately 12 trillion philippine peso
universal and commercial banks
financial system is composed of two general groups namely:
banks and non-bank financial institutions
banking institutions include:
universal banks, commercial banks, thrift or savings banks and the rural and cooperative banks
non-bank financial institutions include:
insurance companies, pension fund institutions, investment banks, financing companies, pawnshops, mutual fund institutions
this institutions are allowed to collect savings and time deposits to fund loans and also perform the function of providing credit and payment services
banking institutions
this institutions are not allowed to collect deposits but may encourage the general public to invest household savings in various financial instruments
non bank financial institutions
the largest resources and offer the widest variety of banking services outside of collecting deposits and providing loans
universal and commercial banks
it includes savings and mortgage banks, private development banks, stock savings and loan associations and microfinance thrift banks
thrift banks
they accumulate the savings of depositors and provide housing loans and financing for short term working capital as well as medium and long term financing to small and medium scale enterprises engage in agriculture, services, and industry
thrift banks
promote and expand the rural community by mobilizing savings and extending loans and other financial services to farmers to help with the purchase of seeds ,livestock, fertilizers, and other farm inputs and the marketing of their produce.
rural and cooperative banks
several types of non bank financial institutions offering a wide variety of services
investment houses, financing companies, investment companies, securities dealers/brokers, lending investors, government non-bank financial institutions, venture capital corporations, non-stock savings and loans associations, pawnshops and credit card companies
independent central monetary authority of the philippines that has regulatory and supervisory power over banks and non bank financial institutions
bangko sentral ng pilipinas (BSP)
insurance companies is overseen by the
Insurance Commission
investment houses is overseen by the
Securities and Exchange Commission (SEC)
it's main service in the philippines are accepting deposits and offer checking account services
commercial banks
it's main service is to provide all kinds of services of commercial banking and exercise the powers of an investment house and investment in non allied enterprises.
universal banking
as of october 2020 the value of loans granted by universal and commercial banks in the philippines amounted to nearly
9.7 trillion philippine pesos
of the 9.7 trillion philippine pesos how much is approximately been granted for motor vehicles loans for household consumption and loans granted for production of real estate businesses in the country
364 Billion
1.6 Trillion
during the pandemic the bangko sentral ng pilipinas issued the implementing rules and regulation
Bayanihan Act RA No. 11469
(grant 30-day grace period within the ECQ without imposing additional interest, penalties, or progress)