The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks. As of October 17, 2017, there were 36 universal and commercial banks, 57 savings banks, 492 rural banks, 40 credit unions and 6,267 non-banks with quasi-banking functions, all licensed by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) under the General Banking Act of 2000. On top of regular banking services offered by universal, commercial, thrift and rural banks, there are savings and loan associations which are mainly based in communities and among retirees in the armed forces and the police organization and other employees of the government of the Philippines. Prominent among these small savings services is the Armed Forces and Police Savings and Loan Association, Inc. (AFPSLAI), which is exclusive to active servicemen and retirees of the armed forces in the Philippines. List Universal and commercial banks The forty-three banks listed above are those with the biggest assets in the Philippine banking industry, listed at the BSP website as of December 31, 2017. The largest of these is BDO Unibank and the smallest is Al-Amanah Islamic Bank. Source: Bangko Sentral ng Pilipinas Savings banks The banks listed above are those with the biggest assets in the Philippine Banking Industry as of September 30, 2020. Rural and cooperative banks The rural and cooperative banks listed above are the updated list from the Bangko Sentral ng Pilipinas as of September 2017. The largest rural bank in the Philippines in terms of assets is BDO Network Bank. Defunct or merged banks 1st E Bank (Philippine Branches acquired by Banco de Oro) Acme Savings Bank (acquired by the Sy Group of Companies and renamed Banco De Oro) AIG Philam Savings Bank (merged with East West Banking Corporation) Allied Bank (merged with Philippine National Bank) AMA Rural Bank of Mandaluyong, Inc. American Express Bank (renamed BDO Elite Savings Bank) Banco Filipino Banco Santander Central Hispano (Philippine subsidiary acquired by Banco De Oro and renamed BDO Private Bank) Bank of Cebu Capitol Development Bank (acquired by RCBC and became RCBC Savings Bank - merged with RCBC) Cooperative Bank of Aurora Dao Heng Bank (acquired by Banco de Oro) Ecology Bank (merged with Equitable PCI Bank) Equitable PCI Bank (merged with PCI Bank forming it and now merged with Banco de Oro) Export and Industry Bank Family Savings Bank (acquired