REPUBLIC ACT NO.

8791 AN ACT PROVIDING FOR THE REGULATION OF THE ORGANIZATION AND OPERATIONS OF BANKS,
QUASI-BANKS, TRUST ENTITIES AND FOR OTHER PURPOSES

GENERAL BANKING LAW OF 2000

SECTION 2. Declaration of Policy. The State recognizes the vital role of banks in providing an environment conducive to the
sustained development of the national economy and the fiduciary nature of banking that requires high standards of integrity
and performance. In furtherance thereof, the State shall promote and maintain a stable and efficient banking and financial system
that is globally competitive, dynamic and responsive to the demands of a developing economy. (n)

SECTION 3. Definition and Classification of Banks. 3.1. "Banks" shall refer to entities engaged in the lending of funds obtained
in the form of deposits. (2a)

3.2. Banks shall be classified into:

(a) Universal banks;
(b) Commercial banks;
(c) Thrift banks, composed of:
(i) Savings and mortgage banks,
(ii) Stock savings and loan associations, and
(iii) Private development banks, as defined in Republic Act No. 7906 (hereafter the "Thrift Banks Act"); (d) Rural banks,
as defined in Republic Act No. 7353 (hereafter the "Rural Banks Act");
(e) Cooperative banks, as defined in Republic Act No. 6938 (hereafter the "Cooperative Code");
(f) Islamic banks as defined in Republic Act No. 6848, otherwise known as the "Charter of Al Amanah Islamic Investment
Bank of the Philippines"; and
(g) Other classifications of banks as determined by the Monetary Board of the Bangko Sentral ng Pilipinas. (6-Aa)

REPUBLIC ACT NO. 7906

THRIFT BANKS ACT OF 1995

Sec. 2. Declaration of Policy. It is hereby declared the policy of the State to:
(a) Recognize the indispensable role of the private sector, to encourage private enterprise, and to provide incentives to
needed investments;
(b) Promote economic development pursuant to the socioeconomic program of the government, to expand industrial
and agricultural growth, to encourage the establishment of more private thrift banks in order to meet the needs for
capital, personal and investment credit or medium- and long-term loans for Filipino entrepreneurs;
(c) Encourage and assist the establishment of thrift bank system which will promote agriculture and industry and at the
same time place within easy reach of the people the medium-and long-term credit facilities at reasonable cost;
(d) Encourage industry, frugality and the accumulation of savings among the public, and the members and stockholders
of thrift banks; and
(e) Regulate and supervise the activities of thrift banks in order to place their operations on a sound, stable and efficient
basis and to curtail or prevent acts or practices which are prejudicial to the public interest

REPUBLIC ACT NO. 7353

RURAL ACT OF 1992

Sec. 2. The State hereby recognizes the need to promote comprehensive rural development with the end in view of attaining
acquitable distribution of opportunities, income and wealth; a sustained increase in the amount of goods and services produced
by the nation of the benefit of the people; and in expanding productivity as a key raising the quality of life for all, especially the
underprivileged.

Towards these ends, the State hereby encourages and assists in the establishment of rural banking system designed to make
needed credit available and readily accessible in the rural areas on reasonable terms.