Banks in Philippines


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 its 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 liquidityLiquidityLiquidity shows the ease of converting the assets or the securities of the company into the cash. Liquidity is the ability of the firm to pay off the current liabilities with the current assets it more 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.

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Structure of Banks in the Philippines

The banking industry is supervised by the Central Bank of the Philippines. It is also known as Bangko Sentral ng Pilipinas (BSP). The Central Bank of the 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.

  • Universal and 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 banks offer services like wholesale, retail, and corporate banking to the treasury, trading, and underwritingUnderwritingThe underwriters take the financial risk of their client in return of a financial fee. Market Makers like financial institution and large banks ensure that there is enough amount of liquidity in the market by ensuring that enough trading volume is more along with investment advisory. The thrift banks do a collection of deposits from small savers and invest them in profitable portfolios. The thrift banks also give services to SMEs and entrepreneurs.

List of Top 10 Banks in the Philippines

  1. BDO Unibank Inc.
  2. Metropolitan Bank and Trust Company
  3. Bank of the Philippine Islands
  4. Land Bank of the Philippines
  5. Philippine National Bank
  6. Security Bank Corporation
  7. China Banking Corporation
  8. Development Bank of the Philippines
  9. Union Bank of the Philippines
  10. Rizal Commercial Banking and Corporation

Let’s see each one of them in detail –

#1 – BDO Unibank Inc.

This is the top bank 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 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 worthNet WorthThe company's net worth can be calculated using two methods: the first is to subtract total liabilities from total assets, and the second is to add the company's share capital (both equity and preference) as well as reserves and more 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. It 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 institutionsFinancial InstitutionsFinancial institutions refer to those organizations which provide business services and products related to financial or monetary transactions to their clients. Some of these are banks, NBFCs, investment companies, brokerage firms, insurance companies and trust corporations. read more of the country. This bank 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.

#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 bank 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. It 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. It 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 managementCash ManagementCash Management refers to the appropriate collection, handling, & disbursement of cash for ensuring financial stability & avoiding insolvency risk. read more. This bank 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. It also provides cash management and B2B banking services to the local and multinational companiesMultinational CompaniesA multinational company (MNC) is defined as a business entity that operates in its country of origin and also has a branch abroad. The headquarter usually remains in one country, controlling and coordinating all the international branches. read more 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 –

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