Banks and Banking in the Philippines

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Banks in the Philippines

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 17 October 2017, there were 36 universal and commercial banks, 57 thrift banks, 492 rural banks, 40 credit unions and 6,267 non-banks with quasi-banking functions, all licensed with the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) under Republic Act No. 8791, also known as the General Banking Act of 2000.

On top of regular banking services offered by universal, commercial, thrift and rural banks, there are savings and loans association which are mainly based in communities and among retirees in the armed forces and the police organization and other employees of the government of the Philippines. Prominent among these small savings services is the Armed Forces of the Philippines Savings and Loans Association, Inc. (AFSLAI), which is exclusive to active servicemen and retirees of the armed forces in the Philippines.


Universal and commercial banks

Universal and commercial banks represent the largest single group, resource-wise, of financial institutions in the country. They offer the widest variety of banking services among financial institutions. In addition to the function of an ordinary commercial bank, universal banks are also authorized to engage in underwriting and other functions of investment houses, and to invest in equities of non-allied undertakings.

More Philippines Universal and commercial banks

The forty-three banks listed above are those with the biggest assets in the Philippine banking industry, listed at the BSP website as of December 31, 2017. The largest of these is BDO Unibank and the smallest is Al-Amanah Islamic Bank.

Source: Bangko Sentral ng Pilipinas


Savings banks

The thrift banking system is composed of savings and mortgage banks, private development banks, stock savings and loan associations and microfinance thrift banks. Thrift banks are engaged in accumulating savings of depositors and investing them. They also provide short-term working capital and medium- and long-term financing to businesses engaged in agriculture, services, industry and housing, and diversified financial and allied services, and to their chosen markets and constituencies, especially small- and medium- enterprises and individuals.

More Philippines Savings banks

The banks listed above are those with the biggest assets in the Philippine Banking Industry as of September 30, 2017.


Rural and cooperative banks

Rural and cooperative banks are the more popular type of banks in the rural communities. Their role is to promote and expand the rural economy in an orderly and effective manner by providing the people in the rural communities with basic financial services. Rural and cooperative banks help farmers through the stages of production, from buying seedlings to marketing of their produce. Rural banks and cooperative banks are differentiated from each other by ownership. While rural banks are privately owned and managed, cooperative banks are organized/owned by cooperatives or federation of cooperatives.

More Philippines Rural and cooperative banks

The rural and cooperative banks listed above are the updated list from the Bangko Sentral ng Pilipinas as of September 2017.


Defunct or merged banks

Acme Savings Bank (acquired by the Sy Group of Companies and renamed Banco De Oro)

Bank of Cebu

International Exchange Bank (acquired by Union Bank of the Philippines)

Insular Bank of Asia and America (merged with Philippine Commercial International Bank)

Mindanao Development Bank (merged with Equitable PCI Bank)

Ecology Bank (merged with Equitable PCI Bank)

Family Savings Bank (acquired by BPI; renamed to BPI Family Savings Bank)

AIG Philam Savings Bank (merged with East West Banking Corporation)

Keppel Bank (acquired by GE Capital Finance)

Equitable PCI Bank (merged with PCI Bank forming it and now merged with Banco de Oro)

More Philippines Defunct or merged banks


Business Motivational Quotes:

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Money & Investments:

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Its good to have money and the things that money can buy, but its good, too, to check up once in a while and make sure that you havent lost the things that money cant buy. --George Lorimer

Wealth and Riches:

If you live for having it all, what you have is never enough. --Vicki Robin

Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. --William A. Ward


Philippines Buyers Guide Philippines Banks


Philippines Banks | Universal and commercial banks | Savings banks | Rural and cooperative banks | Defunct or merged banks



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