MBOs offer small loans to micro-enterprises and other services similar to regular banks but at a smaller capital requirement.
Given that almost 40% of municipalities are still not served by banks, and around 80% of Filipinos do not have bank accounts, the central bank believes that MBOs would help make financial services more accessible to people in remote areas of the country.
Currently, there are about 100 more applications in the pipeline for approval.
In related news, the Philippine peso strengthened for the fourth straight day as foreign funds boosted the country's stocks on speculation of another rate cut by the central bank due to slowing inflation.
The local currency gained 7 centavos to close at 41.075.