Thrift Banks Act of 1995, Republic Act No. 7906 (Philippines)

Thrift banks were defined to include savings and mortgage banks, private development banks, and stock savings and loans associations organized under existing laws and any banking corporation that may be organized for the purpose of accumulating savings of depositors and investing them, providing short-term working capital, medium and long-term financing to specific businesses, and providing diversified financial services for a chosen market. 

All thrift banks are required to be organized as stock corporations and must secure a certificate of authority from the Bangko Sentral ng Pilipinas The Act further provides the ownership and capitalization requirements for thrift banks, and its powers and functions. Thrift banks are exempt from payment of all taxes, fees and charges.