Classification of Thrift Bank according to its Forms of Organization

Thrift Banks are now classified in four organizations

Savings and Mortgage BanksPrivate Development BanksStock Saving and loan

associationsCooperative Rural Banks

Thrift Banks in the Philippines

Saving and Mortgage Bank

It is a any corporation organized for the purpose of accumulating the savings of depositors and investing them, together with its capital, in readily marketable bonds and debt securities; commercial papers and account receivables; drafts, bill of exchange, acceptances, or notes arising out of commercial transactions. It is allowed to make investment, grant loans, issue domestic Letter of Credit dominated in the Philippine currency.

Private Development Bank

It is organized under the provision of R.A a No. 4093. Batasang Pambansa Blg. 63 Section No. 1, amending Section No. 3, states that a private development bank shall exercise all the power and shall assume all the obligations of Savings and Mortgage bank as provided in the General Banking Act.

The savings and loan association They are corporation engaged in the business of

accumulating the saving of its member stockholders, and using such accumulations together with its capital in the case of stock corporation, for loans and/or investment in the securities of productive enterprises or securities of the Government or its political subdivision instrumentalities or corporation.

Cooperative Rural Banks

Banks that are more popular in the rural communities. Their role is to promote and expand the rural economy in an orderly and effective manner by providing the people in the rural communities basic financial services.

REFERRENCE:“Money, Credit and Banking in Philippines Financial System” by Zacarias M. Ronquillo

Prepared By: Group 3 ( Thrift Bank Group) FINMGT1 MWF 12:00-1:OO

- Rafael, Crysta Del R.- Bartolome, Kimberly S.- Carranza, Christine Joy - Cordero, Catherine Ann- Caw-as, Kirsteen Jail- Cuyo, Kathleen- Dabu, Mylene- Porwelos, Irene- Del Rosario, Sheila- Dela Cruz, Ma. Isabel- Gamayon, Kenneth Joy

Andaya, Gene- Bilog, Juvilyn

Diaz, Kirt Michael