It’s hard to know which bank in the Philippines to trust when they all claim to be the greatest. Perhaps, a trustworthy bank would have a minimum required opening deposit and no fees for making withdrawals.
Many get bewildered by hundreds of options. Worries not! Here is a list of top banks in the Philippines for your reference. Whether you’re a student, business owner, foreigner, overseas Filipino worker, or saver of any stripe, it would help.
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Top Banks In The Philippines: 10 Great Destinations
1. BDO Unibank Inc. (BDO)
In 1967, BDO was founded under the name of Acme Savings Corporation; Until 1976, the Sy Group bought out and rebranded it as Banco de Oro Savings and Mortgage Bank – or so-called BDO.
BDO, as the largest bank in this island country, operates over 1,400 offices and 4,439 automated teller machines (ATMs). This versatile and full-service universal bank is unrivaled regarding client deposits and customer loans. There are now 38,800 staff working in this bank.
In particular, aggregated assets, loans, deposits, foreign exchange, broking, trusts and investments, credit cards, remittances, and corporate cash management are some significant services at BDO worth investing in.
See also: BDO Online Banking – How to Register & User Details
2. Metropolitan & Trust Company (Metrobank)
Metrobank is a large financial institution in the Philippines. More than 1,700 automated teller machines (ATMs), 700 local branches, 30 overseas ones, and representative offices contribute to its wide selection of banking products and services. Roughly 13,718 workers land their jobs there.
In 1963, a year after the bank’s inception, Metrobank opened its doors to the public. Taipei was the location of its first overseas office, launched in 1970.
It wasn’t until three years later that it opened a Hong Kong office. In 1975, it made up its first outpost in Guam, US, marking the first step in expanding into the USA.
3. Land Bank of the Philippines (LANDBANK)
It is the government’s most prominent official lending rural-based bank. Concerning loans, assets, and deposits, it ranks among the top commercial banks in the country.
Founded in 1963, it has exploited the profits from commercial activities to support local farmers and fishers. Also, the bank empowers the universal bank to fund future rural development without jeopardizing its financial stability.
With a wide-ranging branch network of over 1,600 ATMs and 365 branches, it now requires roughly 7,062 individuals working there.
4. Bank Of The Philippine Islands (BPI)
BPI, formerly El Banco Español Filipino de Isabel II, entered the scene in 1851, making it the region’s longest continuously operating financial institution and marking the beginning of financial history for the country.
BPI offers a broad range of services, comprising consumer and loans, insurance, foreign exchange, leasing, corporate and investment banking, and more. It currently covers over 1,100 offices (both locally and overseas) and 2,700 ATMs and cash deposit machines with over 19,000 staff.
5. Security Bank Corporation (SBC)
Initially established as the Security Bank and Trust Company on June 18, 1951, SBC is notable for being the first privately owned and Filipino-controlled bank in the Philippines after World War II.
Its success continued blooming when it was granted a Universal Bank license in 1994, meaning that it could work as a universal financial institution. The following year, it went public on the Philippine Stock Exchange (PSE).
6. Philippine National Bank (PNB)
The government introduced the Philippine National Bank (PNB) in 1916 under the American Occupation. PNB is one of the top private universal banks in the nation.
It works closely with the government, agencies, local entities, and government-owned and controlled corporations to deliver a comprehensive suite of financial services.
The enterprise operates over 700 domestic branches, 1,710 ATMs, and 70 oversea units. A vicinity of 9,000 individuals works there.
7. Rizal Commercial Banking Corporation (RCBC)
RCBC is one of the largest and oldest companies in the Philippines and South Asia, with over 400 branches in total. Banking, education, insurance, and construction are all services RCBC offers.
It is a modest development bank formed in 1960 with assets of 500,845.83 million Pesos as of September 2018.
Between January and September of 2018, RCBC reported a consolidated net income of 3.2 billion Pesos. Core income reveals a surge of 42% compared to the previous year over the same time.
8. China Banking Corp (CBC)
A group of Chinese Filipino merchants headed by Dee C. Chuan launched China Bank in Binondo in 1920. It is one of the first privately-owned commercial firms in the Philippines.
By 1927, it was trading on the regional stock market. In 1991, CBC received its universal license. The company claims that it pioneered telephone banking in the Philippines in 1988.
CBC was the first in Southeast Asia to deploy multi-programming online banking in 1969, handling savings and checking accounts with its IBM System/360 Model 30.
9. Development Bank of the Philippines (DBP)
One of the largest government-controlled corporations is DBP. The bank has been around since 1947 and offers finance for four separate sectors: social services, small and medium businesses, infrastructure and logistics, and the environment.
It is a hybrid institution, operating as both a development and a thrift bank to meet the financial needs of commercial farmers and manufacturers. There are roughly 3,000 staff for its 130+ branches and 830+ ATMs.
10. Union Bank of the Philippines, Inc. (UBP)
UBP, set in place in 1968, was the first Philippine bank supplying internet banking. It’s leading for the EON Cyber Account, the first electronic savings account and check with the bank’s website.
Customers can access 389 in-branch and 96 off-site ATMs with internet banking and a toll-free number for inquiries and account balance checks. It also features commercial banking and corporate cash management services for domestic and international customers.
The Bottom Line
We’ve rounded up the top banks in the Philippines with 10 top-notch options. Hopefully, this informative article can help you form a financial plan effectively and realize your bigger dream shortly. Share the post with others in need!
