SOME OF THE IMPORTANT FINANCIAL

INSTITUTION IN THE PHILIPPINES ECONOMY

1. Universal and commercial banks:
Resource wise, these represent the largest
group of financial institutions. These banks
offer a range of financial services.
2. Rural and cooperative banks:
. The difference between the rural banks and
Cooperatives is the way they are owned. Rural
banks are owned and managed privately
while cooperative banks are organized/owned
by cooperatives or federation of cooperatives.
 3.Thrift banking system
The system is composed of savings and
mortgage banks, private development banks,
stock savings and loan associations and
microfinance thrift banks.
4. The market also consists of some non-banks
with quasi-banking functions.
This group consists of institutions engaged in
the borrowing of funds from 20 or more
lenders for the borrower's own account
through issuance, endorsement or assignment
with recourse or acceptance of deposit
substitutes for purposes of re-lending or
purchasing receivables and other obligations.