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Philippine central bank approves incentive program to encourage rural bank mergers

( July 23, 2015, 09:50 GMT | Official Statement) -- MLex Summary: The Monetary Board of the Central Bank of the Philippines, or BSP, has approved the Consolidation Program for Rural Banks – a two-year progressive incentive program that aims to strengthen the fragmented rural banking industry by promoting mergers and consolidations among the 512 rural banks operating across the country. Jointly conceptualized by the BSP, the Philippine Deposit Insurance Corporation, and the Land Bank of the Philippines, the program has a budget of 25 million pesos ($550,000). The BSP has also said it would exercise full flexibility in granting regulatory incentives in support of the program. The central bank's statement follows:...

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