List of Banks in the Philippines: Types, Services, and More

The Philippines has a thriving banking industry, with numerous banks offering a wide range of services to cater to different needs.

There are over 50 commercial banks in the Philippines, including major players like BDO Unibank, Metrobank, and Bank of the Philippine Islands.

These banks offer various types of accounts, including savings accounts, checking accounts, and time deposit accounts, to help individuals manage their finances effectively.

Some banks also offer specialized services, such as mobile banking and online banking, to provide customers with greater convenience and flexibility.

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The Philippines has a diverse banking system with different types of banks catering to various needs. There are 36 universal and commercial banks.

Among these, the bigger universal banks play a significant role in maintaining the country's economy. They have a strong presence and offer a wide range of services.

In addition to universal banks, there are also 492 rural banks that serve the needs of rural communities. These banks provide essential financial services to people living in remote areas.

The banking system in the Philippines also includes 57 thrift banks, which offer more personalized services to their customers.

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The banking industry of the Philippines has a long history of playing a vital role in the country's economic growth. The banking system in the Philippines is quite diverse, covering various types of banks including universal banks, rural banks, thrift banks, credit unions, and non-banks.

There are 36 universal and commercial banks in the Philippines, according to Wikipedia. These banks offer a wide range of banking services. The Central Bank of the Philippines, also known as Bangko Sentral ng Pilipinas (BSP), supervises and regulates these banks.

The BSP was formed in July 1993, as per the 1987 Philippine Constitution and the New Central Bank Act of 1993. The BSP is responsible for policy directions in banking, credit, and other money matters.

Here's a breakdown of the different types of banks in the Philippines:

The universal and commercial banks hold around 90% of the total market share of the banking industry, with the lion's share of the total deposits available to the whole banking sector.

Universal banks in the Philippines are financial service conglomerates that offer a wide range of services, including investment banking, commercial banking, development banking, and insurance. They are also authorized to engage in other functions such as merchant banking, mutual funds, factoring, and housing finance.

There are 21 universal banks with active operations in the Philippines as of March 2018, according to Bangko Sentral. These banks are listed below:

These universal banks have a significant presence in the country, with some of them having the largest assets in the Philippine banking industry.

Foreign Representative Offices in the Philippines are set up to serve as marketing and advertising platforms for foreign banks.

These offices are not allowed to accept deposits, issue letters of credit, or engage in foreign exchange trading. Their main purpose is to promote services and forward client orders from abroad.

To operate in the Philippines, foreign banks must establish a Representative Office with the title "Representative Office" added to their official local bank name.

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There are 10 Foreign Banks' Representative Offices actively operating in the Philippines. Here's a list of some of them:

Pamana Savings is a card-based account that offers a unique benefit - free life insurance worth three times your account balance, up to ₱2 million.

The initial deposit required for Pamana Savings is ₱25,000, which is also the maintaining balance needed to keep the account active.

This account is available as a passbook or US Dollar account, giving you flexibility in how you manage your finances.

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PNB is a great option for opening a savings account, having made it to Forbes' World's Best Banks in 2023 as the second Best Bank in the Philippines.

PNB offers competitive products to over two million depositors, having been established in 1916. It remains one of the country's biggest banks.

You can open a PNB savings account with a low initial deposit of ₱3,000. To earn interest, you'll need to maintain a balance of ₱10,000, and make sure to deposit at least ₱10,000.

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A PNB Debit Savings Account comes with a PNB-PAL Mabuhay Miles Debit Mastercard, allowing you to use it at Mastercard and Maestro-accredited merchants and over two million ATMs worldwide.

Here are the key details of a PNB Debit Savings Account:

Alternatively, you can open a PNB Passbook Savings Account, which requires an initial deposit of ₱10,000 and a maintaining balance of ₱10,000 to earn interest.

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The PSBank Peso Personal ATM Savings is a great option for those who want to earn interest on their deposits. You can access your account via PSBank, Metrobank, BancNet, and Mastercard ATMs nationwide.

To open a PSBank Peso Personal ATM Savings account, you'll need to maintain a balance of ₱2,000. The interest rate is based on prevailing interest rates, and you'll need to deposit at least ₱50,000 to earn interest.

You can get your personalized ATM card on the spot when you open an account at any PSBank branch. This makes it super convenient to start using your account right away.

The PSBank Peso Personal ATM Savings also allows you to enroll your account to PSBank Online, giving you access to your account via the web or mobile app.

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In the Philippines, you'll find different types of banks to suit your needs. There are commercial, thrift, rural, and digital banks.

Each type of bank has its pros and cons, so it's essential to understand the differences. Commercial banks, for instance, offer a wide range of services, but may have higher minimum balance requirements.

Thrift banks, also known as savings banks, specialize in cash deposits and are ideal for savings. They often have more affordable account opening and minimum balance requirements, as well as better interest rates. Here are some leading thrift banks in the country:

Rural and cooperative banks are a vital part of the banking system in the Philippines, providing financial services to rural communities and cooperatives. They are a unique type of bank that operates under the principles of cooperation and mutual aid.

One of the key characteristics of rural and cooperative banks is their asset base. As of September 2017, the top 10 rural and cooperative banks in the Philippines had a total asset base of over 100 billion pesos. This is a significant amount of money that is being used to finance the economic development of rural areas.

Let's take a look at the top 10 rural and cooperative banks in the Philippines, based on their asset base. Here is the list:

These banks play a crucial role in promoting financial inclusion and economic development in rural areas.

Thrift banks, also known as savings banks, are a type of bank that specializes in cash deposits. They're one of the best options for savings in the Philippines.

Thrift banks offer more affordable account opening and minimum balance requirements compared to commercial banks. They also provide better interest rates, making them a great choice for those who want to save money.

Some of the leading thrift banks in the country include PSBank, China Bank Savings, and Philippine Business Bank. These banks are run by the same corporations that own commercial banks.

Here are the top 10 thrift banks in the Philippines, based on BSP data:

These thrift banks can help you achieve your short-term and long-term financial goals, whether it's saving money or getting a loan.

The top banks in the Philippines are a mix of universal and commercial banks, with assets ranging from over 2 trillion to over 400 billion Philippine pesos. The largest bank in the country is BDO Unibank, with assets of 2,484,620,573,596.92 Philippine pesos.

BDO Unibank, Inc. is not only the largest bank in the Philippines but also the 243rd largest bank globally. It's a subsidiary of SM Investments Corporation. The top 10 banks in the Philippines, in terms of assets, are listed below:

These banks are among the 45 banks listed on the Bangko Sentral ng Pilipinas website as of September 30, 2022, with BDO Unibank being the largest and Al-Amanah Islamic Bank being the smallest.

Banking services in the Philippines are quite diverse, with many banks offering a wide range of services to cater to different needs.

BDO Unibank, for instance, offers online banking services that allow customers to check their account balances, pay bills, and transfer funds with just a few clicks.

BDO Unibank also offers mobile banking services through its mobile app, which can be downloaded on both iOS and Android devices.

BPI, on the other hand, has a wide network of ATMs and branches across the country, making it easy for customers to access their money and conduct transactions.

BPI also offers cash management services to businesses, helping them to manage their cash flow and make payments more efficiently.

Metrobank offers a range of credit cards, including cashback, rewards, and travel cards, to cater to different customer needs.

Metrobank also offers overdraft facilities to its customers, allowing them to borrow money when they need it.

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