The General Banking Law of 2000, Republic Act No. 8791 (Philippines)
The Act enumerated the classification of banks into universal banks, commercial banks, thrift banks, rural banks, cooperative banks, Islamic banks and others, as may be classified by the Bangko Sentral ng Pilipinas (BSP). The BSP shall have supervisory powers over banks, and promulgate policies in the areas of money, banking and credit. All banks and quasi-banks are required to secure an authority from the BSP. The Act further defined the organization, management and administration of banks, quasi-banks and trust entities.