Ultimate list of Best Bank in the Philippines

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The Bangko Sentral ng Pilipinas (BSP) is the country’s central monetary authority, and it is based in Manila. As a result of the provisions of the 1987 Philippine Constitution and the 1993 New Central Bank Act, the country’s central bank was established on July 1, 1993, as the country’s central bank. It is responsible for overseeing the activities of banks in the Philippines and for providing policy guidance in the areas of banking, credit, and money.

The Philippine financial system is made up of many distinct kinds of institutions:

  • Universal and commercial banks — These financial institutions provide the broadest variety of banking services.
  • Thrift banks are financial institutions that collect and invest the money of its depositors.
  • Rural and cooperative banks are financial institutions located in rural areas that are dedicated to supporting and growing the rural economy.
  • Non-bank financial institutions that perform quasi-banking activities — Financial institutions that do not have a full banking license but offer financial services that are similar to those provided by banks.

A total of 36 universal and commercial banks, 57 thrift banks, 492 rural banking institutions, 40 credit unions, and over 6,000 non-banking organizations with quasi-banking activities were under the supervision of the Philippines’ central bank as of October 2017.

As a result of the credit ratings and research group’s expectations of a mild economic recovery that will support the operating environment for banks, Moody’s Investor Services revised its outlook for the Philippines’ banking system from negative to stable in March 2021, from which it had previously been.

According to Moody’s, the Philippine economy would rebound at a rate of 7 percent by 2021. An increase in infection rates as well as the restoration of certain social-distancing measures will, however, cause the economic recovery to stall in the first half of the year, as previously predicted.

Anyone seeking a banking career in the Philippines may find this list of the top banks in the Philippines to be a useful resource in determining where to begin their search. For additional information, please check our listings of financial institutions.

The following are the top ten banks in the Philippines:

1BDO Unibank

BDO Unibank Inc. is the biggest bank in the Philippines in terms of total assets. The full-service universal bank, which has 1,472 branches and 4,439 ATMs throughout the nation, also leads the country in consolidated resources, deposits, and client loans, among other metrics. It has a workforce of about 38,800 people.

Deposits, loans, foreign currency, trusts and investments, brokerage, credit cards, remittances, and corporate cash management are just a few of the goods and services that BDO provides. Banco de Oro Savings and Mortgage Bank was established in 1967 as a thrift bank under the name Acme Savings Bank. After being purchased by the Sy Group in 1976, it was renamed Banco de Oro Savings and Mortgage Bank.

  • Profit after tax: PHP 28.25 billion (2020)
  • PHP 3.40 trillion in total assets as on 3/2021.

2Metropolitan Bank & Trust Company

The Metropolitan Bank & Trust Company, often referred to as Metrobank, is one of the nation’s leading financial organizations. It now provides a diverse variety of banking goods and services across the globe, thanks to its extensive network of more than 1,774 ATMs, 706 local branches, 32 international branches, and representative offices worldwide. It has a total of about 13,718 workers.

Metrobank was established in 1962 and opened its first branch a year later, in the city of Detroit, Michigan. Taipei was the site of the company’s first overseas branch, which established in 1970. Hong Kong was chosen as the location for the company’s representative office three years later. Metrobank, with its branch in Guam in 1975, was also the first private Bank in the Philippines to operate in the US.

  • PHP 13.83 billion was earned as a net profit (2020)
  • PHP 2.37 trillion in total assets as on 3/2021.

3Bank of the Philippines

The Bank of the Philippine Islands (BPI), formerly known as El Banco Espanol Filipino de Isabel II, was established in 1851, making it the oldest bank in the Philippines and the oldest bank in Southeast Asia overall. As a result, banking and finance became a reality in the Philippines for the first time.

A comprehensive range of banking products and services are available through BPI’s network of more than 1,173 branches (both locally and in Hong Kong and Europe), as well as 2,707 ATMs and cash deposit machines. BPI’s consumer banking and lending, insurance, foreign exchange, leasing, and corporate and investment banking are just some of the services available through its network. It has a total workforce of about 19,952 people.

  • Profit after tax: PHP 21.41 billion (2020)
  • PHP 2.16 trillion in total assets as on 3/2021.

4Land Bank of the Philippines

The Land Bank of the Philippines, which is controlled by the government, is often regarded as the biggest official lending institution in the country’s rural regions. As for assets, loans, and deposits, it is one of the top commercial banks in the Philippines in terms of size, ranking, and profitability.

Landbank was founded in 1963 to provide financial assistance to farmers and fishermen via the proceeds of its commercial banking activities. It allows the universal bank to find a balance between keeping a financially sustainable organization while also assisting rural development efforts in developing countries. The universal bank has a substantial rural branch network, which consists of 365 branches and more than 1,600 automated teller machines (ATMs). It has a total workforce of about 7,062 people.

  • Profit after tax: PHP 20.01 billion (2019)
  • PHP 2.04 trillion is the total value of all assets (2019)
  • Approximately US$30.83 billion in total assets were held by the bank as of 2016.

5Philippine National Bank (PNB)

Philippine government created the Philippine National Bank (PNB) during the American Occupation in 1916, which was later privatized to its full extent in 2007. The bank is regarded as one of the country’s biggest private universal banks, with assets of more than $1 billion. It provides a comprehensive variety of banking and financial products and collaborates with the Philippine government, agencies, local government units, and government-owned and controlled businesses to achieve these goals.

The business has 716 branches and 1,710 automated teller machines in the Philippines, as well as 70 branches in other countries. It also has 70 branches in other countries. It has a workforce of about 9,000 people.

  • Profit after tax: PHP 2.61 billion (2020)
  • PHP 1.14 trillion in total assets as on 3/2021.

6Security Bank Corporation

Security Bank was established in 1951 and was the first privately owned and managed bank in the Philippines after World War II. It provides a comprehensive variety of goods and services to large corporations in the retail, commercial, and financial sectors. The bank employs about 5,900 people and maintains a network of 313 online branches and 804 ATMs in addition to its physical locations.

  • Profit after tax: PHP 7.43 billion (2020)
  • PHP 717.6 billion in total assets as on 3/2021.

7China Banking Corporation

A private-owned local commercial bank, China Banking Corporation was established in 1920 and was the country’s first privately-owned local commercial bank. Initially, the company’s customers consisted mostly of Chinese-Filipino businesspeople. Deposits, investments, trusts, remittances, and cash management are only some of the goods and services that the bank currently provides. It also has oversight of subsidiaries and affiliates that offer insurance brokerage and bancassurance solutions to its customers.

China Bank has a branch network of 634 locations and 1,002 automated teller machines, with a total workforce of about 10,000 people.

  • Profit after tax: PHP 12.06 billion (2020)
  • PHP 1.00 trillion in total assets as on 3/2021.

8Philippine Development Bank (DBP)

The Development Bank of the Philippines (DBP) is the country’s second-biggest state-owned bank and one of the country’s major government-owned and controlled businesses. It was established in 1982 and is headquartered in Manila. Affinity Bank, which was established in 1947, provides financial services in four main areas: infrastructure and logistics, small and medium-sized businesses, social services, and the environment.

It is a development bank that provides financial solutions to agricultural and industrial businesses, although it also functions as a thrift bank, despite its designation as such. A total of 138 branches and 836 ATMs are under the supervision of the bank’s approximately 3,000 personnel.

  • PHP 5.56 billion was earned as a net profit (2019)
  • PHP 763.5 billion is the total value of the assets (2019)

9Union Bank of the Philippines

Union Bank, which was established in 1968, was the first bank in the Philippines to provide online banking services. Aside from establishing the first bank website in the Philippines, it also introduced the EON Cyber Account, the country’s first electronic savings account, which also marked the beginning of electronic checking.

The bank’s online facility allows customers to conduct transactions and access information via a variety of channels, including a national branch network of 388 locations, 389 on-site and 96 off-site ATMs, internet banking, and a contact center. Corporate cash management and business-to-business banking services are also made available to both local and international businesses in the country by the bank itself.

  • Profit after tax: PHP 11.55 billion (2020)
  • PHP 747.3 billion in total assets as on 3/2021.

10Rizal Commercial Banking Corporation

The Rizal Commercial Banking Corporation (RCBC), which was established in 1960 as a development bank, is regulated by the Central Bank of the Philippines to conduct commercial and investment banking. It serves more than 6.5 million clients via 418 locations and more than 1,375 ATMs located across the United States and Canada. In addition, the bank operates remittance offices and tie-ups in 24 countries, and it employs about 6,611 people worldwide.

  • Profit after tax: PHP 5.02 billion (2020)
  • PHP 800.8 billion in total assets as on 3/2021.

Foreign Banks in the Philippines

  • ANZ Banking Group Ltd. (from Australia)
  • Deutsche Bank AG (from Germany)
  • Hongkong & Shanghai Banking Corp. (HSBC) (from Hong Kong)
  • ING Bank NV (from the Netherlands) (formerly called Internationale Nederlanden Groep Bank NV)
  • Mizuho Bank, Ltd. – Manila Branch (from Japan)
  • Standard Chartered Bank (Standard) (from UK)
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