Investment Banking Tutorials
- Top Banks
- Top Banks in Australia
- Top 10 Banks in the United States of America
- Top Banks In Austria
- Top Banks In Bahrain
- Top Banks In Belgium
- Top Banks In Bermuda
- Top Banks In British Virgin Islands
- Top Banks In Brunei
- Top Banks In Canada
- Top Banks In Cayman Islands
- Top Banks In Denmark
- Top Banks In Finland
- Top Banks In France
- Top Banks In Germany
- Top Banks In Greenland
- Top Banks In Guernsey
- Top Banks In Ireland
- Top Banks In Isle of Man
- Top Banks In Japan
- Top Banks In Kuwait
- Top Banks In Liechtenstein
- Top Banks In Luxembourg
- Top Banks In Macau
- Top Banks In Norway
- Top Banks In Oman
- Top Banks in Pakistan
- Top Banks in Philippines
- Top Banks In Puerto Rico
- Top Banks In Qatar
- Top Banks In Saudi Arabia
- Banks in South Africa
- Top Banks In Singapore
- Top Banks In South Korea
- Top Banks In Sweden
- Top Banks In Switzerland
- Top Banks in UAE
- Top 10 Banks in United Arab Emirates
- Top Banks in United Kingdom
- Top Banks in USA
- Banks in Nigeria
- Top 10 Banks in Netherlands
- Top 10 Banks in Malta
- Investment Banking Basics (44+)
- Investment Banking Careers (24+)
- Investment Banking Firms (27+)
- Mergers and Acquisitions (45+)
- Cryptocurrency Basics (10+)
Banks in Philippines Overview
The banking industry of the Philippines has always played a very important role in maintaining the growth of the country’s economy. The banking system of the Philippines covers different types of banks including the bigger universal banks, smaller rural banks, and the non-banks. Each type of bank has their own unique approach. Current ratings of Moody say that the banking system of the Philippines is stable. Moody’s also gave recognition to the asset performance of the banks along with their liquidity capacity and strength in the local economy. As per Wikipedia, there are 36 universal and commercial banks, 492 rural banks, 57 thrift banks, 40 credit unions and 6267 non-banks with semi banking functions.
Structure of Banks in the Philippines
The banking industry is supervised by the Central Bank of Philippines. It is also known as Bangko Sentral ng Pilipinas (BSP). The Central Bank of Philippines was formed in July 1993 keeping up with the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993. Not only the Central Bank regulates the different types of banks present in the country but it also does policy directions in banking, credit and other money matters.
- The universal and the commercial banks provide a wide range of banking services.
- Thrift banks are those which collect savings from the depositors and invest them.
- The rural banks are the cooperative banks that operate in communities and provide financial help in promoting and developing the rural economy.
- Then there are the credit unions that are regulated by the members and follow the principle of helping the general people.
- The non-banks are the financial institutions which do not have full banking license but they offer bank-related financial services.
The universal and commercial banks comprise around 90% of the total market share of the banking industry and have the lion’s share of the total deposits available to the whole banking sector. Most top banks in the Philippines offer services like wholesale, retail, and corporate banking to the treasury, trading, and underwriting along with investment advisory. The thrift banks do the collection of deposits from small savers and invest them in profitable portfolios. The thrift banks also give services to SMEs and entrepreneurs.
Top 10 Best Banks in the Philippines
The following are the top banks in the Philippines:
#1 – BDO Unibank Inc.
This is the top bank in the Philippines in terms of assets. This bank was founded in 1968 as a thrift bank then known as Acme Savings Bank and was renamed Banco De Oro Savings and Mortgage Bank after it was acquired by the SY Group in 1976. This is a full-service universal bank and also is leading the way in consolidated resources, customer loans and deposits, branch and ATM network. These top banks in the Philippines have a varied range of products and services like deposits, lending, FOREX, trusts and investments, brokering, credit card services, remittances and corporate cash management. This bank has total assets net worth US$48.98 billion and its net profit was US$94.67 million. These top banks in the Philippines are an award winner from various local and international bodies for excellence in institutional and product services.
#2 – Metropolitan Bank and Trust Company
Metropolitan Bank and Trust Company are also known as Metrobank. This Top Banks in the Philippines was founded in 1962 and in the year of 1970 this bank opened its first international branch in Taipei. It is one of the premier financial institutions of the country. This bank in the Philippines provides a variety of banking products and services all over the world. It has a network of more than 2300 ATMs, 950 local branches, 2 foreign branches apart from representative offices. Metrobank is the first private bank in the country which has opened its doors in the US with its office in Guam in 1975. The bank has total assets of US$102.56 billion and a net profit of US$1.02 billion.
4.9 (1,067 ratings)
#3 – Bank of the Philippine Islands
This bank was founded in 1851 which makes it the oldest bank in the Philippines and Southeast Asia. This was previously known as El Banco Espanol Filipino de Isabel II. It has more than 800 branches locally and in Hong Kong and Europe, 3000 ATMs and cash deposit machines. This top bank in the Philippines provides a comprehensive range of banking products and services like consumer banking, lending, insurance, FOREX, corporate and investment banking. The total assets of this bank are US$32.91 billion and net profit is US$425.2 million.
#4 – Land Bank of the Philippines
This is government-owned and is the largest formal credit institution in rural areas. This bank was formed in 1963 with the aim of helping farmers and fishermen from the revenues earned from commercial banking operations. This is one of the leading commercial banks in terms of assets, deposits, and loans. This bank has a strong rural network and has 365 branches and more than 1600 ATMs. The total assets of this bank are US$30.83 billion.
#5 – Philippine National Bank
This is one of the largest private banks in the country. It has a full range of banking and financial products and services. This Bank in Philippines works closely with the government, agencies, local government units, and government-owned and controlled corporations.
#6 – Security Bank Corporation
This was the first private and Filipino controlled bank founded in 1951. This Bank in Philippines offers a full range of products and services in retail, commercial and financial sectors. This is one of the most stable banks in the industry with an asset of US$2.68 billion.
#7 – China Banking Corporation
This was the first privately owned local commercial bank that provides products and services like deposits, investments, remittances, and cash management. This top bank in the Philippines also monitors subsidiaries and affiliates providing insurance brokerage and bank assurance.
#8 – Development Bank of the Philippines
With assets of US$10.27 billion, this bank is the 2nd largest state-owned bank and one of the country’s largest government-owned and controlled banks. They specialize in four major sectors- infrastructure and logistics, SMEs, social services and the environment.
#9 – Union Bank of the Philippines
This bank is the first one to start online banking in the country. They have an EON Cyber Account which is the first electronic savings account in the country. This best bank in the Philippines also provides cash management and B2B banking services to the local and multinational companies in the country.
#10 – Rizal Commercial Banking and Corporation
This is a development bank licensed by the Central Bank for commercial and investment banking. It has nearly 448 branches and more than 1100 ATMs across the country. The total assets of this bank are US$9.95 billion.
We hope you liked this guide to the top 10 best banks in the Philippines. Here we discuss the overview of Best Philippines Banks along with its structure and industry dynamics. If you are looking forward to making a career in Banking, then you can check out some of the awesome resources –
- List of Top 10 Banks in UK
- Overview of Banks in Nigeria
- Overview of Banks in Netherlands
- Top 10 Banks in South Africa
- Top Banks in Pakistan
- Top Banks in UAE
- Structure of Banks in United Kingdom
- Investment Banking Training [117+ Courses Bundle]
- Banks in Australia
- Top 10 Banks in Germany
- Banks in Norway