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.