Bangko Sentral ng Pilipinas supervises the operations of all the banks in the Philippines and exercises regulatory powers over non-bank financial institutions with quasi-banking functions.
Banks are mandated to join the Philippine Deposit Insurance Corporation (PDIC). PDIC safeguards the interest of the depositing public to promote financial stability in the economy. Through the enactment of RA 9302, depositor insurance coverage was increased to P250,000.00. The PDIC is an attached agency of the Department of Finance.