Notes

General Banking Law of 2000
Banks shall refer to entities engaged in the lending of funds obtained in the form of deposits.
1. Banks shall be classified into:
 Universal Banks (UB) – banks that have the authority to exercise, in addition to the powers
authorized for a commercial bank, the powers of an investment house and the power to invest in
non-allied enterprises.
 Commercial Banks (CB) – banks that have, in addition to the general powers incident to
corporations, all such powers as may be necessary to carry on the business of commercial banking,
such as accepting drafts and issuing letters of credit; discounting and negotiating promissory notes,
drafts, bills of exchange, and other evidences of debt
 Rural Banks – banks that are created to make needed credit available and readily accessible in the
rural areas for purposes of promoting comprehensive rural development.
 Thrift Banks – banks that include savings and mortgage banks, private development banks, and
stock savings and loan associations.
 Cooperative Banks – banks that primarily provide financial, banking and credit services to
cooperative organizations and their members.
 Islamic Banks – Charter of Al Amanah Islamic Investment Bank of the Philippines.
 Other classification of banks as determined by the Monetary Board (MB) of the BSP.