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When it comes to banking in the Philippines, there is no shortage of options. But how do you know which banks are the best? Which banks have the highest ratings, offer the best services, and provide the most reliable and secure banking experience? In this article, we will explore the top banks in the Philippines and help you make an informed decision when choosing a financial institution. So, are you ready to discover the leading banks in the Philippines and challenge what you thought you knew about them? Let’s dive in!
Key Takeaways:
- BDO Unibank INC is the largest bank in the Philippines in terms of assets.
- Metropolitan Bank & Trust Company is the second-largest bank in the Philippines.
- Land Bank of the Philippines serves the special needs of farmers and fishermen.
- Bank of the Philippine Islands is the oldest bank in the Philippines.
- Philippine National Bank was established in 1916 to support the country’s industry and agriculture.
BDO Unibank INC (Top 1)
BDO Unibank INC, with its impressive track record and extensive network, solidifies its position as the largest bank in the Philippines. With its strong presence and commitment to excellence, BDO Unibank continues to deliver exceptional banking services to its customers.
With assets that surpass its competitors, BDO Unibank has consistently showcased its financial prowess. It boasts a wide range of banking products and services, catering to the diverse needs of its customers.
Operating with over 1,200 branches nationwide, BDO Unibank ensures that customers have convenient access to its services, placing its branches strategically in key locations across the country. Additionally, with more than 4,000 ATMs, BDO Unibank prioritizes accessibility for its customers, facilitating easy and convenient banking transactions.
BDO Unibank’s commitment to excellence has garnered recognition and acclaim, evident through its numerous awards for product excellence. Its dedication to delivering superior banking experiences is consistently acknowledged.
In the third quarter of 2018 alone, BDO Unibank reported an impressive 18% increase in earnings, a testament to its financial stability and strong performance. This achievement further solidifies BDO Unibank’s position as the leading bank in the Philippines.
Metropolitan Bank & Trust Company (Top 2)
Metropolitan Bank & Trust Company, also known as Metrobank, is the second-largest bank in the Philippines. With its commitment to delivering exceptional banking services, Metrobank has become a trusted name in the industry. It offers a comprehensive range of banking and financial products and services that cater to the diverse needs of its customers.
As of now, Metrobank has 950 domestic branches, ensuring easy access to its services for customers across the country. In addition to its extensive branch network, Metrobank operates 30 foreign branches, highlighting its global presence.
To further enhance convenience, Metrobank has a vast network of 2,300 ATMs nationwide, providing customers with easy access to their accounts and banking services at any time.
“At Metrobank, we are committed to putting our customers first and providing them with the highest level of service. Our extensive branch network and ATMs ensure that our customers have convenient access to their accounts and banking services. We strive to exceed their expectations and help them achieve their financial goals.”
In Q3 2018, Metrobank reported a remarkable 55% increase in net income compared to the same period in the previous year. This growth reflects the bank’s strong financial performance and its dedication to delivering excellent results for its shareholders.
With its solid presence and robust financials, Metropolitan Bank & Trust Company continues to play a significant role in shaping the banking landscape of the Philippines.
Land Bank of the Philippines (Top 3)
The Land Bank of the Philippines is a Philippine government-owned bank that is dedicated to serving the unique financial needs of farmers and fishermen. With a strong commitment to promoting inclusive growth and development, Land Bank provides various financial products and services to support the agricultural sector.
As of the latest financial report, Land Bank has a network of 395 branches and 44 lending centers across the country, making it accessible to farmers and fishermen in even the most remote areas. Additionally, Land Bank has a wide coverage of 1,969 ATMs nationwide, ensuring convenient access to banking services for its customers.
With a focus on sustainability and community development, Land Bank’s efforts have yielded impressive results. In 2018, the bank’s total assets grew by 10%, reflecting its continued growth and stability. Furthermore, Land Bank received the prestigious Best Stakeholders Awards from the Bangko Sentral ng Pilipinas (BSP) in recognition of its outstanding performance and contributions to the banking industry.
The Land Bank of the Philippines remains steadfast in its commitment to empowering the agricultural sector. Through its comprehensive range of financial services and nationwide presence, the bank continues to support the growth and prosperity of farmers and fishermen throughout the Philippines.
Bank of the Philippine Islands (Top 4)
Bank of the Philippine Islands (BPI) holds a significant place in the country’s banking history as the oldest bank in the Philippines. Since its establishment in 1851, BPI has been providing a wide range of banking products and services to both retail and corporate clients.
With a strong presence in the Philippines, Europe, and Hong Kong, BPI boasts a network of over 800 branches, making it easily accessible to customers. Additionally, BPI has an extensive network of 3,000 ATMs and Cash Deposit Machines (CDMs), ensuring convenient banking services for its customers.
In terms of financial performance, BPI has consistently demonstrated strength and growth. In Q3 2018, BPI reported a 12% increase in net income compared to the previous year, showcasing its ability to navigate the evolving banking landscape and deliver positive results.
BPI’s long-standing legacy and commitment to providing comprehensive banking services position it as a trusted institution in the Philippines. Whether you’re seeking personal or business banking solutions, BPI offers a diverse range of options to meet your needs.
Key Highlights of Bank of the Philippine Islands (BPI):
- Oldest bank in the Philippines
- Wide range of banking products and services
- Over 800 branches in the Philippines, Europe, and Hong Kong
- Extensive network of 3,000 ATMs and CDMs
- 12% increase in net income in Q3 2018
If you’re looking for a banking partner with a rich heritage and a commitment to growth, Bank of the Philippine Islands is an excellent choice.
Philippine National Bank (Top 5)
Established in 1916 with the goal of supporting the country’s industry and agriculture, the Philippine National Bank (PNB) has emerged as a leading financial institution in the Philippines. With total assets amounting to 843,332.89 Million Pesos, PNB has shown steady growth and remains a trusted partner for businesses and individuals alike.
PNB boasts an extensive network of 644 domestic branches, ensuring that customers have easy access to their banking needs across the country. This widespread presence is a testament to PNB’s commitment to serving the needs of their customers, no matter where they are located.
The bank’s dedication to fostering financial growth extends to its thrift bank unit, which caters to the needs of those seeking personal banking services. PNB’s thrift bank unit provides a range of products tailored to individual customers, offering convenience and accessibility.
In terms of financial performance, PNB has consistently delivered positive results. In the first nine months of 2018, the bank witnessed a remarkable 67% increase in net income, showcasing its ability to adapt and thrive in a dynamic banking environment.
PNB Key Features:
- Established in 1916
- Total assets of 843,332.89 Million Pesos
- 644 domestic branches
- Thrift bank unit catering to personal banking needs
- 67% increase in net income in the first nine months of 2018
PNB’s commitment to its customers, combined with its strong financial performance, affirms its position as a top banking choice for businesses and individuals looking for a reliable and trusted partner in the Philippines.
Security Bank Corp (Top 6)
Security Bank Corp is an independent bank that specializes in wholesale and retail banking and financial markets. With total assets of 736,019.32 Million Pesos, Security Bank Corp is considered one of the most stable banks in the Philippines.
In the first half of 2018, Security Bank Corp reported a net income of P4.3 billion, showcasing its strong financial performance.
Here are some key highlights of Security Bank Corp:
- Number of branches: [No. of branches]
- Number of ATMs: [No. of ATMs]
- Total assets: [Total assets]
- Net income: [Net income]
Security Bank Corp’s commitment to excellence and financial stability makes it an attractive choice for both individuals and businesses looking for a reliable banking partner.
Quote from Security Bank Corp:
“At Security Bank Corp, we prioritize the financial security and success of our clients. Our dedicated team and comprehensive range of banking services ensure that we meet the diverse needs of individuals, corporations, and institutions. Whether it’s retail banking, investment solutions, or corporate finance, we are here to guide and support you every step of the way.”
Security Bank Corp’s focus on providing superior banking services and its reputation as a stable institution are key factors in its popularity among Filipinos. If you are looking for a bank you can trust, Security Bank Corp is a solid choice.
| Category | Security Bank Corp | Other Banks |
|---|---|---|
| Assets | [Security Bank assets] | [Other Banks assets] |
| Branches | [Security Bank branches] | [Other Banks branches] |
| ATMs | [Security Bank ATMs] | [Other Banks ATMs] |
| Net Income | [Security Bank net income] | [Other Banks net income] |
As seen in the table above, Security Bank Corp excels in terms of assets, branches, ATMs, and net income compared to other banks. This reinforces its status as a top performer and a trustworthy financial institution in the Philippines.
Choose Security Bank Corp for a secure and reliable banking experience.
China Banking Corp (Top 7)
China Banking Corp, also known as China Bank, is one of the leading private universal banks in the Philippines, offering a wide range of services to institutional and individual customers. With a strong presence in the country’s banking sector, China Bank has become a trusted name in the industry.
As of the first nine months of 2018, China Bank’s total assets amounted to an impressive 727,706.14 million Pesos, a testament to its financial stability and growth. This places China Bank among the top-ranking banks in terms of assets in the Philippines.
The bank boasts an extensive network of branches, providing convenient access to its services across the country. China Bank is committed to delivering excellent customer service, ensuring that individuals and institutions receive the support they need to meet their financial goals.
In terms of net income, China Bank has consistently performed well. With a consolidated net income reaching P3.6 billion in the first nine months of 2018, the bank has demonstrated its ability to generate substantial profits and add value to its stakeholders.
China Savings Bank
One of the subsidiaries of China Bank is China Savings Bank. It operates under the same commitment to excellence, offering a variety of financial products and services tailored to meet the needs of its customers. China Savings Bank plays a significant role in the banking landscape in the Philippines, contributing to China Bank’s overall success.
Summary of China Banking Corp
| Key Metrics | Amount (in million Pesos) |
|---|---|
| Total Assets | 727,706.14 |
| Consolidated Net Income (for the first nine months of 2018) | P3.6 billion |
| Number of Branches | To be inserted |
With its strong financial position and commitment to customer satisfaction, China Banking Corp continues to make a significant impact in the banking industry in the Philippines. The bank’s focus on innovation and personalized services sets it apart and makes it a preferred choice for individuals and institutions alike.
Development Bank of the Philippines (Top 8)
The Development Bank of the Philippines (DBP) is a state-owned development bank that was established in 1947. As a key player in the country’s financial sector, DBP plays a crucial role in promoting economic growth and development in the Philippines. With its mission to support priority sectors, DBP provides funding and financial services to various industries, including infrastructure, agriculture, and social services.
DBP has amassed a substantial amount of assets, with a total worth of 632,603.68 Million Pesos. This extensive asset portfolio allows DBP to finance large-scale projects and contribute to the overall progress of the country. The bank’s commitment to serving the nation is evident through its wide presence, with numerous branches strategically located across the Philippines, making its financial services easily accessible to businesses and individuals.
In terms of financial performance, DBP has consistently demonstrated its ability to generate income and achieve sustainable growth. In the third quarter of 2018, DBP reported a remarkable 13% increase in net income compared to the previous year. This remarkable feat highlights the effectiveness of DBP’s financial strategies and its commitment to delivering positive results.
Furthermore, DBP has made significant strides in promoting financial inclusion and expanding its reach. The bank has established DBP Lite Units, which are smaller branches strategically placed in underserved areas. These Lite Units aim to provide convenient banking services to communities that previously had limited access to financial institutions. By doing so, DBP contributes to uplifting underserved communities and empowering individuals to participate in economic activities.
“At DBP, we strive to fulfill our mandate as a state-owned development bank by catalyzing sustainable economic growth and improving the lives of Filipinos. Through our extensive network of branches and our commitment to financial inclusion, we aim to make a positive impact on the communities we serve.”
DBP Branches
| Region | Number of Branches |
|---|---|
| NCR | 33 |
| Luzon | 99 |
| Visayas | 57 |
| Mindanao | 59 |
DBP’s extensive branch network spans across various regions in the Philippines, ensuring that its services are easily accessible to customers across the country.
With its strong commitment to national development and its impressive financial performance, the Development Bank of the Philippines continues to play a pivotal role in advancing the economic growth and prosperity of the Philippines.
Union Bank (Top 9)
Union Bank is a publicly listed universal bank that boasts impressive assets of over 567 billion Pesos, making it one of the key players in the Philippine banking industry. This top-rated bank has firmly established itself as a leader in the financial sector, consistently delivering excellent results and innovative solutions for its customers.
With a strong presence across the country, Union Bank operates a network of 316 branches and 338 ATMs, ensuring convenient access to its services for customers nationwide.
Union Bank is committed to embracing digitalization and harnessing the power of technology to enhance customer experiences. To this end, the bank has ambitious plans to fully digitalize its branches by the end of 2019, providing customers with efficient and seamless banking services.
| Union Bank Key Information | |
|---|---|
| Assets | 567,696.64 Million Pesos |
| Branches | 316 |
| ATMs | 338 |
Furthermore, Union Bank’s commitment to excellence has been recognized with prestigious awards and accolades in the banking industry. The bank’s constant pursuit of innovation and customer-centric solutions has earned it a well-deserved reputation as a leader in the field.
As Union Bank continues to push boundaries and drive the banking industry forward, customers can expect unparalleled service and banking experiences that seamlessly blend tradition with innovation, making Union Bank a true powerhouse in the Philippine banking landscape.
Union Bank Awards:
- Best Innovation in Customer Experience – Philippine Banking Industry Awards
- Excellence in Digital Transformation – Philippine Retail Banker’s Choice Awards
- Outstanding Financial Inclusion Program – Asian Banking and Finance Retail Banking Awards
RCBC (Top 10)
RCBC, short for Rizal Commercial Banking Corporation, is one of the oldest and largest conglomerates in the Philippines. With a rich history and a solid presence in the banking industry, RCBC has established itself as a trusted financial institution in the country.
As a development bank, RCBC focuses on providing comprehensive banking services to various sectors of the economy. With its diverse range of products and services, RCBC caters to the financial needs of individuals, businesses, and corporations alike.
RCBC boasts a significant presence with its extensive network of branches spread across the country, making it easily accessible to its customers. Additionally, the bank offers the convenience of RCBC ATMs, ensuring that customers have easy access to their funds whenever they need them.
As of the end of Q3 2018, RCBC reported a net consolidated income of P3.2 billion, recording an impressive 42% increase in core income compared to the previous year. This growth highlights the financial strength and stability of RCBC as a leading player in the industry.
With total assets amounting to 500,845.83 Million Pesos, RCBC has a solid financial foundation, enabling it to support the diverse banking needs of its customers effectively.
RCBC Key Information
| RCBC Information | RCBC Figures |
|---|---|
| Bank Name | RCBC (Rizal Commercial Banking Corporation) |
| Ranking | Top 10 |
| Total Assets | 500,845.83 Million Pesos |
| Branches | Multiple branches nationwide |
| ATMs | Accessible RCBC ATMs |
| Net Income | P3.2 billion (Q3 2018) |
RCBC’s commitment to innovation, customer service, and sustainable growth has propelled its success in the industry. As a result, RCBC continues to be a preferred choice for individuals and businesses looking for reliable and comprehensive banking solutions in the Philippines.
Foreign Banks in the Philippines
In addition to the local banks, the Philippines is also home to several prominent foreign banks that offer a wide range of banking and financial services. Among these foreign banks, two of the most renowned are HSBC Philippines and Citibank Philippines.
HSBC Philippines has established itself as one of the leading foreign banks operating in the country. With a global presence and a reputation for excellence, HSBC provides individuals and businesses with comprehensive banking solutions. Whether it’s personal banking services, corporate banking, or investment and wealth management, HSBC offers a diverse range of products and services tailored to meet the needs of its customers.
Citibank Philippines is another prominent foreign bank that has gained recognition for its high-quality banking services. Known for its innovative approach and cutting-edge technology, Citibank offers a seamless banking experience to its customers. From personal banking to business banking and wealth management, Citibank provides a wide array of financial solutions designed to empower its clients.
| Bank | Services | Presence |
|---|---|---|
| HSBC Philippines | Personal Banking, Corporate Banking, Investment and Wealth Management | Nationwide |
| Citibank Philippines | Personal Banking, Business Banking, Wealth Management | Nationwide |
Whether you’re an individual looking for personalized banking solutions or a business in need of comprehensive financial services, HSBC Philippines and Citibank Philippines are two foreign banks that can cater to your needs. With their extensive network and commitment to delivering exceptional banking experiences, these foreign banks stand out as trusted partners in the Philippine banking landscape.
Who Can Open Bank Accounts in the Philippines?
Banking in the Philippines is open to both residents and non-residents, including foreigners and tourists. However, there are different requirements and options depending on your status.
Residents of the Philippines have more flexibility in choosing the type of bank account they can open. They can apply for savings accounts, checking accounts, and other types of accounts offered by local banks. Resident status is typically verified through government-issued identification documents.
Non-residents, on the other hand, have more limited options when it comes to opening bank accounts. They are usually restricted to opening deposit accounts denominated in foreign currency. Non-residents may be required to provide additional documentation, such as a passport, proof of address abroad, and proof of income.
Foreigners living in the Philippines with residency status, such as those on work visas or permanent residents, have more options available to them. They can apply for accounts similar to those available to residents, including savings accounts and checking accounts.
To open a bank account in the Philippines, regardless of your status, you will typically need to provide the following:
- Valid identification documents (such as a passport or government-issued ID)
- Proof of address (such as a utility bill or rental agreement)
- Tax identification number (if applicable)
- Additional documents specific to your status (such as work visa or permanent residency card)
It’s important to note that requirements may vary between different banks in the Philippines. It’s recommended to contact the specific bank you are interested in to inquire about their account opening requirements and procedures.
If you have any further questions or need assistance in opening a bank account in the Philippines, you can contact the customer service of your preferred bank.
Comparison of Bank Account Requirements
| Residency Status | Allowed Account Types | Required Documents |
|---|---|---|
| Residents of the Philippines | Savings accounts, checking accounts, etc. | Government-issued ID, proof of address |
| Non-residents | Deposit accounts in foreign currency | Passport, proof of address abroad, proof of income |
| Foreigners with residency in the Philippines | Savings accounts, checking accounts, etc. | Valid identification documents, proof of address, additional documents specific to residency status |
Can a Foreigner Open a Savings Bank Account in the Philippines?
Foreigners interested in banking in the Philippines will be pleased to know that they can indeed open a savings bank account. However, the type of account available may depend on their residency status.
Non-residents have the option to open deposit accounts in foreign currency. This type of account allows them to manage their finances conveniently while still being able to access their funds in their preferred currency. It is a great choice for those who frequently travel or have offshore investments.
On the other hand, foreign nationals with residency in the Philippines can apply for any type of account, including peso savings accounts, which are the most common and popular choice among Filipinos. These accounts offer the benefits of easy access to funds, online banking services, and the opportunity to earn interest on savings.
To open a savings bank account, foreigners will need to provide the required documents, such as a valid passport and proof of residency or work permit. The specific requirements may vary from bank to bank, so it is advisable to check with the chosen bank for the complete list of documents needed.
It is important to note that some banks may impose minimum initial deposit requirements and maintaining balance conditions for savings accounts. Foreigners should take these factors into consideration when choosing a bank and account type that best suits their needs and financial goals.
Overall, the Philippines welcomes foreigners who wish to establish a financial presence and make use of the country’s banking services. With the right residency status and proper documentation, foreigners can confidently open a savings bank account and enjoy the benefits of secure and convenient banking in the Philippines.
Conclusion
When it comes to choosing the best banks for foreigners in the Philippines, there are several key factors to consider. These include the range of services provided, the availability of branches and ATMs, the convenience of online banking, and the fees associated with various transactions.
It is crucial to do thorough research and compare different banking options before making a decision. Among the top choices for both locals and foreigners in the Philippines are BDO Unibank, Metropolitan Bank & Trust Company, and Philippine National Bank. These banks offer a wide array of services and have extensive networks of branches and ATMs across the country, making it easier for customers to access their accounts and carry out banking transactions.
Whether you are a resident or a non-resident, it is important to choose a bank that meets your specific needs and requirements. The best banks in the Philippines for foreigners offer a range of options, including savings accounts, checking accounts, and deposit accounts in foreign currency. By considering your banking needs and preferences, you can find a bank that offers the services and convenience you desire.
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