The Philippines’ banking sector has always been crucial in sustaining the expansion of the national economy. The Philippines’ financial system includes a variety of banks, including larger universal banks, smaller rural banks, and non-banks. Every sort of bank has a distinctive strategy. The Philippines’ banking system is stable, according to the most recent ratings from Moody.
In addition to recognising the banks’ ability to maintain liquidity and their strength in the regional economy, Moody’s also recognised the institutions’ asset performance. According to Wikipedia, there are 6267 non-banks with semi-banking functions, 492 rural banks, 57 thrift banks, 40 credit unions, and 36 universal and commercial banks.
1 – BDO Unibank Inc.
In terms of assets, this bank is the best. When Banco De Oro Savings and Mortgage Bank was acquired by the SY Group in 1976, it had been created in 1968 as a thrift institution under the name Acme Savings Bank. This universal bank offers a broad range of services, and it also sets the bar for consolidated resources, customer loans and deposits, branching out, and ATM network.
2 – Metropolitan Bank and Trust Company
Metrobank is another name for Metropolitan Bank and Trust Corporation. This bank was established in 1962, and in 1970 it established its first overseas branch in Taipei. It is among the top financial institutions in the nation.
3 – Bank of the Philippine Islands
The oldest bank in the Philippines and Southeast Asia, this one was created in 1851. The previous name of this institution was Isabel II’s Filipino Spanish Bank. It has more than 800 local, Hong Kong, and European branches in addition to 3000 ATMs and cash deposit machines. This bank offers a wide variety of banking services and products, including investment, corporate, and consumer banking, lending, insurance, and FOREX. This bank has US$32.91 billion in total assets and a US$425.2 million net profit.
4 – Land Bank of the Philippines
The largest official credit institution in rural areas, it is owned by the government. In order to assist farmers and fishermen, this bank was established in 1963 with the proceeds from its commercial banking activities. In terms of assets, deposits, and loans, this is one of the top commercial banks. With 365 branches and more than 1600 ATMs, this bank has a robust rural network. This bank has $30.83 billion in assets in all.
5 – Philippine National Bank
One of the biggest private banks in the nation is this one. It offers a wide variety of banking and financial services and products. It collaborates closely with the government, its departments, municipal governments, and businesses that are owned and managed by the government.
6 – Security Bank Corporation
It was established in 1951 and was the first privately owned bank in the Philippines. It provides a comprehensive selection of goods and services in the retail, business, and financial sectors. With assets of $2.68 billion, this bank is among the most reliable in its sector.
7 – China Banking Corporation
It was the first privately held local commercial bank to offer services and products like cash management, investments, and remittances. This bank also keeps an eye on affiliates and subsidiaries that offer bank assurance and insurance brokerage.
8 – Development Bank of the Philippines
With assets of $10.27 billion, this bank is the second-largest state-owned institution and among the biggest institutions that the government owns and controls. Infrastructure and logistics, Businesses, social services, and the environment are their four main areas of expertise.
9 – Union Bank of the Philippines
This bank launched online banking in the nation for the first time. They have an EON Cyber Account, the nation’s first digital savings account. Additionally, it offers B2B banking services and cash management to domestic and foreign corporations operating in the nation.
10 – Rizal Commercial Banking and Corporation
This development bank has been granted commercial and investment banking authorization by the Central Bank. Almost 448 branches and more than 1100 ATMs are located all throughout the nation. This bank’s total assets are $9.5 billion USD.