Banks in the Philippines – Top 10 Largest Banks in the Philippines

Commercial banks in the Philippines
Commercial banks in the Philippines

In this post is the list of banks in the Philippines. The Philippines has a comprehensive banking system encompassing different types of banks from large universal banks to small rural banks and even non-banks.

There are 21 universal banks, 22 commercial banks, 492 rural banks, 57 saving banks, 40 credit unions and 6,267 non-banks with quasi-banking functions currently operating in the Philippines. All the banks are licensed by the Bangko Sentral ng Pilipinas (Central bank of the Philippines) under the General Banking Act of 2000.

List of Banks in the Philippines

Universal banks in the Philippines

Universal banks are financial institutions that provide a wide variety of financial services like wholesale, retail, and investment banking services, creating synergy among them.

Universal banks in the Philippines are authorized to engage in other functions like mutual funds, merchant banking, housing finance, factoring, and practically all types of typical functions in the banking business.

As of March 2018, and according to Bangko Sentral, there are 21 universal banks actively operating in the Philippines and these banks are:

  • Standard Chartered Bank
  • Union Bank of the Philippines
  • Land Bank of the Philippines
  • ING Bank AG
  • Australian and New Zealand Banking Group Limited
  • Asia United Bank Corporation
  • Deutsche Bank AG
  • Bank of the Philippines Islands
  • Mizuho Bank Ltd –Manila Branch
  • China Banking Corporation
  • The Hongkong & Shanghai Banking Corporation
  • Rizal Commercial Banking Corporation
  • Development Bank of the Philippines
  • Philippine Trust Company
  • United Coconut Planters Bank
  • Security Bank Corporation
  • BDO Unibank Inc.
  • Metropolitan Bank and Trust Company
  • Al-Amanah Islamic Investment Bank of the Philippines
  • Philippine National Bank
  • EastWest Banking Corporation

banks in the Philippines

Commercial Banks in the Philippines  

A commercial bank is a privately-owned financial institution that accepts deposits and lends money to projects to earn interest.

Commercial banks also offer personal, business, and mortgage loans, checking account services, and basic financial products such as savings accounts and certificates of deposits to individuals and businesses. Commercial banks are primarily owned by shareholders and are profit-based.

Below is the list of operational commercial banks in the Philippines:

  • BDO Private Bank Inc.
  • Bank of Commerce
  • Philippine Bank of Communications
  • Robinsons Bank Corporation
  • Maybank Philippines Incorporated
  • Philippine Veterans Bank
  • Bank of America N.A.
  • Bangkok Bank Public Co.Ltd
  • CTBC Bank (Philippines) Corporation
  • JP Morgan Chase Bank N.A
  • Bank of China Limited – Manila Branch
  • KEB Hana Bank – Manila Branch
  • Citibank N.A.
  • First Commercial Bank Ltd – Manila Branch
  • Hua Nan Commercial Bank Ltd – Manila Branch
  • Mega International Commercial Bank Co, Ltd
  • Cathay United Bank Co, Ltd – Manila Branch
  • United Overseas Bank Ltd – Manila Branch
  • Shinhan Bank – Manila Branch
  • Industrial Bank of Korea – Manila Branch
  • Sumitomo Mitsui Banking Corporation – Manila Branch
  • The Bank of Tokyo-Mitsubishi UFJ, Ltd

The Universal and commercial banks listed above are those with the biggest assets in the Philippines banking industry. The largest among these banks is BDO Unibank, Inc. and the smallest is Al-Amanah Islamic Bank.

Savings Banks in the Philippines

Here is a list of savings banks in the Philippines:

  • 1st Valley Bank (a development bank)
  • Inter-Asia Development Bank
  • AllBank, Inc.
  • CitySavings Bank (a subsidiary of Unionbank)
  • Lemery Savings and Loan Bank, Inc.
  • Malayan Savings Bank
  • Business and Consumers Bank
  • Century Savings Bank Corporation
  • Maximum Savings Bank, Inc.
  • Bank of Makati
  • Dumaguete City Development Bank, Inc.
  • University Savings Bank
  • BPI Family Savings Bank (will be merging with BPI)
  • CARD SME Bank, Inc. (a thrift bank)
  • Luzon Development Bank
  • China Bank Savings (formerly PlantersBank – now a subsidiary of Chinabank)
  • NorthPoint Development Bank, Inc.
  • Overseas Filipino Bank (a subsidiary of Landbank; government bank)
  • Cordillera Savings Bank, Inc.
  • Hiyas Banking Corporation
  • Enterprise Bank, Inc.
  • Philippine Business Bank
  • BPI Direct BanKo, Inc. (a subsidiary of BPI)
  • Equicom Savings Bank (Equicom)
  • Citystate Savings Bank
  • Maritime Savings Bank Corporation
  • Pen Bank, Inc. (formerly Peninsula RB, Inc.)
  • First Consolidated Bank, Inc.
  • Bank One Savings and Trust Corporation
  • Sun Savings Bank, Inc.
  • Bataan Savings and Loan Bank
  • Bataan Development Bank
  • Farmers Savings and Loan Bank, Inc.
  • Quezon Coconut Bank, Inc. (a thrift bank)
  • Isla Bank (a thrift bank)
  • Legazpi Savings Bank
  • Queen City Development Bank
  • Yuanta Savings Bank Philippines, Inc
  • Philippine Savings Bank (PS Bank; a subsidiary of Metrobank)
  • RCBC Savings Bank (merged with RCBC)
  • HSBC Savings Bank Philippines Inc.
  • Wealth Development Bank Corporation
  • Malasiqui Progressive SLB, Inc.
  • Merchants Savings and Loan Association, Inc.
  • Metro Cebu Public Savings Bank
  • Pacific Ace Savings Bank, Inc.
  • Pampanga Development Bank
  • Life Savings Bank, Inc.
  • Philippine Resources Savings Banking Corporation (PR Savings Bank; acquired by CitySavings Bank)
  • Philippine Star Development Bank, Inc.
  • PNB Savings Bank ( merged with PNB)
  • Producers Savings Bank Corporation (Producers Bank)
  • Sterling Bank of Asia
  • UCPB Savings Bank (a subsidiary of UCPB)
  • Village Bank, Inc.

 

As of September 2020, the saving banks listed above are those with the biggest assets in the Philippine banking industry.

Top 10 Rural and Cooperative Banks in the Philippines

Below is the list of the top 10 rural and cooperative banks in the Philippines.

1. BDO Network Bank (formerly One Network Bank) – A subsidiary of BDO Unibank Inc.

2. EastWest Rural Bank Inc. – A subsidiary of EastWest Bank

3. CARD Bank Inc.

4. First Isabela Cooperative Bank

5. Guagua Rural Bank, Inc

6. Quezon Capital Rural Bank

7. GM Bank of Luzon

8. Bank of Florida Inc.

9. Metro South Cooperative Bank

10. Bankways, Inc. (a rural bank)

Top 10 Largest Banks in the Philippines

1. BDO Unibank Inc

banks in the Philippines

BDO Unibank Inc is the largest bank in the Philippines in terms of assets. It was founded in 1968 and provides various banking products and services primarily in the Philippines.

BDO Unibank, Inc. is a full-service universal bank in the Philippines with over 1,000 operating branches and more than 4,000 ATMs spread across the country.

As of 2019, the value of the total assets of BDO Unibank Inc. (in USD) was about $62.98 billion.

2. Land Bank of the Philippines

banks in the Philippines

Land Bank of the Philippines was founded in 1963 and it is owned by the Philippines government. The objective of this bank is to serve the special needs of farmers and fishermen.

This bank has about 395 branches, 44 lending centers, and over 1900 ATMs across the country. As of 2019, the value of the total assets of this bank was 2.04 trillion Pesos.

3. Metropolitan Bank and Trust Company

banks in the phillipines

Metropolitan Bank and Trust Company is among the largest banks in the Philippines with total assets of 2.45 trillion pesos. This bank was established in 1962 and since then has been offering a wide range of banking and other financial products and services.

Metropolitan Bank and Trust Company have about 950 domestic branches and 30 foreign branches as well as over 2,000 ATMs nationwide.

4. Philippine National Bank

banks in the philippines

This bank was founded in 1916 as a government-owned institution with the objective to support the Philippines industry, agriculture, as well as support government economy effort. The bank’s total assets as of 2019 was 1.14 trillion Pesos.

5. Bank of the Philippine Islands

banks in the Philippines

Bank of the Philippine Islands also known as BPI is the first bank in the Philippines which was founded in 1851. This bank serves a wide range of products and services to its retail and corporate clients.

The bank has more than 800 branches in the Philippines, Europe, and Hong Kong and about 3,000 ATMs, and CDMs.

As of 2019, the total asset value of BPI was 2.21 trillion Pesos.

6. Development Bank of the Philippines

banks in the Philippines

This is a state-owned development bank founded in 1947 and headquartered in Makati City. It is one of the largest banks in the Philippines with assets of 761.2 billion Pesos (as of 2019).

The bank has 137 branches nationwide.

7. China Banking Corporation

banks in the philippines

This bank is commonly called China Bank and it is a Filipino bank founded in 1920. This was the first privately-owned local commercial bank in the Philippines created to cater to the banking needs of Chinese Filipino businesses.

This bank offers various banking products and services related to deposit, cash management, investment, trust, and financing products and services. The bank also offers insurance brokerage as well as bancassurance services via its subsidiary and affiliates.

As of 2019,  China Banking Corporation had assets of 96.18 billion Pesos.

8. Rizal Commercial Banking Corporation (RCBC)

banks in the Philippines

This bank was established in 1960 as a development bank and it is licensed by the Bangko Sentral ng Pilipinas for both commercial and investment banking.

Rizal Commercial Banking Corporation is among the top largest banks in the Philippines with total assets of 767.1 billion Pesos (as of 2019).

The bank is majorly-owned by the Yuchengco Group of Companies – one of the oldest and largest conglomerates in Southeast Asia covering over 60 businesses including banking, insurance, education, and construction.

9. Union Bank of the Philippines

banks in the philippines

Union Bank of the Philippines commonly known as UnionBank is a universal bank in the Philippines that was founded in 1981 and later became a commercial bank in 1982. However, in 1992, the bank was granted the license to operate as a universal bank.

This bank has about 316 branches and 338 ATMs across the country. As of 2019, the total assets was 770.8 billion Pesos.

10. Security Bank Corporation

banks in the Philippines

Security Bank Corporation was established in 1951 as a security bank and trust company. It is a universal bank in the Philippines with major businesses including retail, commercial and corporate banking, and financial markets.

Security Bank Corporation offers a range of services including financing and leasing, investment banking, foreign exchange, and stock brokerage, and asset management via its subsidiaries.

Security Bank Corporation has about 306 branches and 793 ATMs nationwide. The total assets of the bank as of 2020 was 118.3 billion Pesos.

Conclusion

There you have it, the list of banks in the Philippines from universal and commercial banks to rural and cooperative banks.

I hope this post was helpful.

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