Definition and Classification of Banks.
Section 3
SEC. 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: Universal banks; Commercial banks; 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"); Rural banks, as defined in Republic Act No. 7353 (hereafter the "Rural Banks Act"); Cooperative banks, as defined in Republic Act No. 69a8 (hereafter the "co-operative Code"); Islamic banks as defined in Republic Act No, 6848, otherwise known as the Charter of Al Amanah Islamic Investment Bank of the 'Philippines"; and Other classifications of banks as determined by the Monetary Board of the Bangko Sentral ng Pilipinas. (6-Aa) CHAPTER IIAUTHORITY OF THE BANGKO SENTRAL