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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.
BDO Unibank (BDO; largest bank in the Philippines in terms of assets; 243rd largest bank globally)
Metropolitan Bank and Trust Company (Metrobank)
Bank of the Philippine Islands (BPI; oldest bank in Southeast Asia)
Land Bank of the Philippines (Landbank; LBP, main government bank)
Philippine National Bank (PNB)
Security Bank Corporation (Security Bank)
China Banking Corporation (Chinabank)
Development Bank of the Philippines (DBP, secondary government bank)
Union Bank of the Philippines (Unionbank)
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
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.
BPI Family Savings Bank (a subsidiary of BPI)
Philippine Savings Bank (PS Bank; a subsidiary of Metrobank)
RCBC Savings Bank (a subsidiary of RCBC)
China Bank Savings (a subsidiary of Chinabank)
CitySavings Bank (a subsidiary of Unionbank)
PNB Savings Bank (a subsidiary of PNB)
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.
EastWest Rural Bank, Inc. (a subsidiary of EastWest Bank)
CARD Bank, Inc. (a MF RB)
Guagua Rural Bank, Inc.
First Isabela Cooperative Bank (FICO Bank)
GM Bank of Luzon, Inc. (a rural bank)
BOF, Inc. (a rural bank)
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)
Business Motivational Quotes:
Success in business requires training and discipline and hard work. But if you’re not frightened by these things, the opportunities are just as great today as they ever were. – David Rockefeller
Well, you know, I was a human being before I became a businessman. – George Soros
Money & Investments:
How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case. --Robert G. Allen
I made my money the old-fashioned way. I was very nice to a wealthy relative right before he died. --Malcolm Forbes
Wealth and Riches:
We make a living by what we get, but we make a life by what we give. --Winston Churchill
Wealth after all is a relative thing since he that has little and wants less is richer than he that has much and wants more. --Charles Caleb Colton
Philippines Buyers Guide Philippines Banks
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