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 of these small savings services is the Armed Forces of the Philippines Savings and Loans Association, Inc. or AFSLAI which is exclusive to active servicemen and retirees of the armed forces in the Philippines.
10 Largest Banks in the Philippines
- = increase.
- = steady.
- = decrease.
*Change from December 2016 ranking
Source: Bangko Sentral ng Pilipinas
List of major universal and commercial banks
- BDO Unibank (BDO; largest bank in the Philippines in terms of assets; 243rd largest bank globally)
- Metropolitan Bank and Trust Company (Metrobank)
- Land Bank of the Philippines (Landbank; LBP, main government bank)
- Bank of the Philippine Islands (BPI; oldest bank in Southeast Asia)
- Security Bank Corporation (Security Bank)
- Philippine National Bank (PNB)
- China Banking Corporation (Chinabank)
- Development Bank of the Philippines (DBP, secondary government bank)
- Union Bank of the Philippines (Unionbank)
- Rizal Commercial Banking Corporation (RCBC)
- Citibank Philippines
- United Coconut Planters Bank (UCPB)
- East West Banking Corporation (EastWest Bank)
- Asia United Bank Corporation (AUB)
- The Hongkong and Shanghai Banking Corporation (HSBC)
- Philippine Trust Company (Philtrust Bank)
- Bank of Commerce
- Maybank Philippines, Inc.
- Philippine Bank of Communications (PBCom)
- Robinsons Bank Corporation
- BDO Private Bank (subsidiary of BDO Unibank)
- The Bank of Tokyo-Mitsubishi UFJ, Ltd.
- Mizuho Bank, Ltd. Manila Branch
- Deutsche Bank
- Philippine Veterans Bank (Veterans Bank; PVB)
- Standard Chartered Bank Philippines
- Australia and New Zealand Banking Group (ANZ)
- JPMorgan Chase & Co. (JPMorgan Chase)
- CTBC Bank (Chinatrust)
- Sumitomo Mitsui Banking Corporation Manila Branch
- ING Group N.V.
- Bank of America, N.A.
- Bank of China - Manila Branch
- Mega International Commercial Bank Co. LTD
- Bangkok Bank Co. Ltd.
- KEB Hana Bank - Manila Branch
- Cathay United Bank Co. Ltd. - Manila Branch
- Industrial Bank of Korea Manila Branch
- United Overseas Bank Limited Manila Branch
- Shinhan Bank - Manila Branch
- First Commercial Bank Manila Branch
- Al-Amanah Islamic Investment Bank of the Philippines
- The forty-two banks listed above are those with the biggest assets in the Philippine Banking Industry, listed at the BSP Website as of June 30, 2017. The largest of which is BDO Unibank and the smallest among the forty-two is Al-Amanah Islamic Bank.
Powers of a universal bank
A universal bank has the same powers as a commercial bank with the following additional powers: the powers of an investment house as provided in existing laws and the power to invest in non-allied enterprises
Powers of a commercial bank
In addition to having the powers of a thrift bank, a commercial bank has the power to accept drafts and issue letters of credit; discount and negotiate promissory notes, drafts, bills of exchange, and other evidences of debt; accept or create demand deposits; receive other types of deposits and deposit substitutes; buy and sell foreign exchange and gold or silver bullion; acquire marketable bonds and other debt securities; and extend credit.
Powers of a thrift bank
A thrift bank has the power to accept savings and time deposits, act as a correspondent with other financial institutions and as a collection agent for government entities, issue mortgages, engage in real estate transactions and extend credit. In addition, thrift banks may also maintain checking accounts, act as a depository for government entities and local government units and engage in quasi-banking and money market operations subject to the approval of the Bangko Sentral. Thrift banks are generally smaller in scale than universal and commercial banks.
Powers of cooperative and rural 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.
A rural bank has the power to provide adequate credit facilities to farmers and merchants or to cooperatives of such farmers and merchants and, in general, to the people of the rural communities of which the rural bank operates in.
10 Largest Thrift Banks in the Philippines
Source: Bangko Sentral ng Pilipinas
List of savings banks
- 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)
- Philippine Business Bank
- PNB Savings Bank (a subsidiary of PNB)
- Sterling Bank of Asia
- Bank of Makati
- UCPB Savings Bank (a subsidiary of UCPB)
- HSBC Savings Bank Philippines Inc.
- First Consolidated Bank, Inc.
- BPI Direct BanKo, Inc. (a subsidiary of BPI)
- Philippine Resources Savings Banking Corporation (PR Savings Bank)
- Producers Savings Bank Corporation (Producers Bank)
- Philippine Postal Savings Bank (Postalbank; a savings bank under PhilPost, a GOCC)
- Equicom Savings Bank (Equicom)
- Wealth Development Bank Corporation
- 1st Valley Bank, Inc. (A Development Bank)
- Malayan Savings Bank
- Luzon Development Bank
- CARD SME Bank, Inc. (A Thrift Bank)
- Citystate Savings Bank
- Bangko Kabayan (A private Development Bank)
- Pen Bank, Inc. (Formerly Peninsula RB, Inc.)
- Yuanta Savings Bank Philippines, Inc.
- Legazpi Savings Bank
- Enterprise Bank, Inc
- Queen City Development Bank
- Optimum Development Bank, Inc.
- Century Savings Bank Corporation
- Bank One Savings and Trust Corporation
- Dumaguete City Development Bank, Inc.
- Merchants Savings and Loan Association, Inc.
- Dumaguete City Development Bank, Inc.
- Hiyas Banking Corporation
- Isla Bank ( A Thrift Bank)
- University Savings Bank
- Sun Savings Bank, Inc.
- World Partners Bank (A Thrift Bank)
- NorthPoint Development Bank, Inc.
- Village Bank, Inc.
- Farmers Savings and Loan Bank, Inc.
- The Palawan Bank
- Pampanga Development Bank
- Cordillera Savings Bank, Inc.
- Bataan Development Bank
- Business and Consumers Bank
- Life Savings Bank, Inc.
- Inter-Asia Development Bank
- Bataan Savings and Loan Bank
- Metro Cebu Public Savings Bank
- Lemery Savings and Loan Bank, Inc.
- Microfinance Maximun SB. Inc.
- Philippine Star Development Bank, Inc.
- Maritime Savings Bank Corporation
- Malasiqui Progressive SLB, Inc.
- Quezon Coconut Bank, Inc. (A Thrift Bank)
The banks listed above are those with the biggest assets in the Philippine Banking Industry as of June 30, 2017.
10 Largest Rural and Cooperative banks in the Philippines
Source: Bangko Sentral ng Pilipinas
List of rural and cooperative banks
- One Network Bank, Inc. (a subsidiary of BDO Unibank)
- 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)
- Quezon Capital Rural Bank, Inc.
- GM Bank of Luzon, Inc. (A Rural Bank)
- BOF, Inc. (A Rural Bank)
- Metro South Cooperative Bank
- AMA Rural Bank of Mandaluyong, Inc.
- Rang-ay Bank, Inc. (A Rural Bank)
- Katipunan Bank, Inc. (A Rural Bank)
- Cantilan Bank, Inc. (A Rural Bank)
- Banco Dipolog (A Rural Bank)
- Country Builders Bank, Inc. (A Rural Bank)
- Rizal Bank (A MF RB)
- Summit Bank (Rural Bank of Tublay, Inc.)
- Rural Bank of Angeles, Inc.
- Banco Mabuhay (A Rural Bank) Inc.
- Insular Savers Bank, Inc. (A Rural Bank)
- Rural Bank of Porac (Pampanga) Inc.
- Cooperative Bank of Cotabato
- Rural Bank of Cauayan, Inc.
- Marayo Bank, Inc. (A Rural Bank)
- Mt. Carmel Bank, Inc.
- Camalig Bank, Inc. (A Rural Bank)
- Rural Bank of Pandi (Bulacan) Inc.
- Peoples Bank of CARAGA, Inc. (A Rural Bank)
- Consolidated Cooperative Bank
- MVSM Bank (A Rural Bank since 1953) Inc.
- Tanay Rural Bank, Inc.
- New Rural Bank of San Leonardo (N.E.) Inc.
- Rural Bank of Barili (Cebu) Inc.
- ASPAC Rural Bank, Inc.
- Bankways, Inc. (A Rural Bank)
- Imus Rural Bank, Inc.
- Valiant Bank, Inc. (A Rural Bank)
- PlanBank (Rural Bank of Canlubang Planters, Inc.)
- Cooperative Bank of Misamis Oriental
- Tiaong Rural Bank, Inc.
- Rural Bank of Central Pangasinan (Bayambang) Inc.
- Rural Bank of Magdalena (Laguna) Inc.
- Gateway Rural Bank, Inc.
- Mount Makiling Rural Bank, Inc.
- First Tagum Rural Bank, Inc.
- Rural Bank of Digos, Inc.
- LifeBank (A Rural Bank)
- Malarayat Rural Bank, Inc.
- 1st Macro Bank, Inc. (A Rural Bank)
- Network Consolidated Cooperative Bank
- Rural Bank of San Mateo (Isabela) Inc.
- Cooperative Bank of Benguet (CBB)
- Cooperative Bank of Quezon Province
- Ilocos Sur Cooperative Bank
- Highland Rural Bank, Inc.
- Rural Bank of Bambang (Nueva Vizcaya) Inc.
- Mallig Plains Rural Bank (ISA) Inc.
- Mactan Rural Bank (Lapu-Lapu City) Inc.
- Rural Bank of Pola (Oriental Mindoro)
- RBT Bank, Inc. (A Rural Bank)
- Laguna Prestige Banking Corporation (A Rural Bank)
- Rural Bank of Gattaran (Cagayan) Inc.
- Cooperative Bank of Palawan
- Rural Bank of Rizal (Zamboanga del Norte) Inc.
- Rural Bank of Maria Aurora (Aurora) Inc.
- Rural Bank of Pilar (Bataan) Inc.
- Rural Bank of General Trias, Inc.
- Rural Bank of Sta. Ignacia, Inc.
- D' Asian Hills Bank, Inc. (A Rural Bank)
- Cooperative Bank of Ilocos Norte
- BHF Rural Bank, Inc.
- Entrepreneur Rural Bank, Inc.
- Rural Bank of Itogon (Benguet) Inc.
- Rural Bank of Tangub City (Misamis Occidental) Inc.
- Bukidnon Cooperative Bank
- Rural Bank of Rosario (La Union) Inc.
- Rural Bank of San Antonio, Inc.
- Saviour Rural Bank, Inc.
- Community Rural Bank of Catmon (Cebu) Inc.
- Rural Bank of Dumangas, Inc.
- Aliaga Farmers Rural Bank, Inc.
- Rural Bank of Bayombong, Inc.
- Rural Bank of Dolores (Quezon) Inc.
- RBG Imperial Bank, Inc. (A Rural Bank)
- Rural Bank of San Pascual (Obando, Bulacan) Inc.
- Sugbuanon Rural Bank, Inc.
- Rural Bank of Solano (Nueva Vizcaya) Inc.
- Cabanatuan City Rural Bank, Inc.
- Rural Bank of Bagabag (N.V.) Inc.
- Rural Bank of Montalban, Inc.
- Banco Laguna, Inc. (A Rural Bank since 1965)
- Rural Bank of Mabitac (Laguna) Inc.
- Innovative Bank, Inc. (A Rural Bank)
- Cebuana Lhuillier Rural Bank, Inc.
- Sta. Maria Rural Bank, Inc.
- Rural Bank of Guinobatan, Inc.
- Rural Bank of Lebak (Sultan Kudarat) Inc.
- Rural Bank of Cardona (Rizal) Inc.
- Cooperative Bank of Bohol
- Cooperative Bank of Nueva Vizcaya
- Baclaran Rural Bank
The rural and cooperative banks listed above are the updated list from the Bangko Sentral ng Pilipinas as of June 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)
- Philippine Commercial International Bank (merged with Equitable PCI Bank and now merged with Banco De Oro)
- Urban Bank (forced to close then merged with Export and Industry Bank)
- Allied Bank (merged with Philippine National Bank)
- Capitol Development Bank (acquired by RCBC and became RCBC Savings Bank)
- Banco Filipino
- Export and Industry Bank
- American Express Bank (renamed BDO Elite Savings Bank)
- Banco Santander Central Hispano (Philippine subsidiary acquired by Banco De Oro and renamed BDO Private Bank)
- Dao Heng Bank (acquired by Banco de Oro)
- 1st E Bank (Philippine Branches acquired by Banco de Oro)
- United Overseas Bank (66 out of 67 Branches merged with Banco De Oro)
- GE Money Bank (acquired by Banco de Oro)
- Green Bank of CARAGA (acquired by EastWest Banking Corporation alongside FinMan Rural Bank, Inc. in 2013 and became EastWest Rural Bank, Inc.)
- Orient Commercial Banking Corporation (forced to close; Allied Bank took over 52 branches)
- Standard Chartered Bank Philippines (Philippine retail banking business was acquired by East West Banking Corporation in 2016)
References
External links
- Media related to Banks in the Philippines at Wikimedia Commons