The Bangko Sentral ng Pilipinas acts as the central monetary authority of the Philippines. The country’s central bank was created in July 1993 in accordance with the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993. It supervises the operations of banks in the Philippines and provides policy directions in banking, credit, and money matters.
The Philippine banking system consists of different types of banks:
Universal and commercial banks – Provide the widest range of banking services
Thrift banks – Accumulate savings from depositors and invests them
Rural and cooperative banks – Banks in communities that are engaged in promoting and developing the rural economy
Non-banks with quasi-banking functions – Financial institutions that do not own a full banking license but provide bank-related financial services
As of October 2017, the country’s central bank oversees 36 universal and commercial banks in the Philippines, 57 thrift banks, 492 rural banks, 40 credit unions as well as over 6,000 non-banks with quasi-banking functions.
In March 2021, Moody’s Investor Servicesrevised its outlook for the Philippines’ banking system to stable from negative, reflecting the credit ratings and research group’s expectations of a mild economic recovery that will support the operating environment for banks.
Moody’s estimates the Philippine economy to recover at 7% in 2021. However, a resurgence in infection rates and a reinstatement of some social-distancing measures will slow the economic recovery in the first half of the year.
For anyone considering a banking career in the Philippines, this list of top banks in the Philippines is a helpful guide on where to start. To learn more, see our lists of financial institutions.
The Top 10 Banks in the Philippines are:
BDO Unibank Inc. is the largest of the banks in the Philippines in terms of assets. The full-service universal bank also takes the lead in consolidated resources, deposits, customer loans, with 1,472 branches and 4,439 ATMs all over the country. It employs around 38,800 individuals.
BDO offers a wide range of products and services, such as deposits, lending, foreign exchange, trusts and investments, brokering, credit cards, remittances, and corporate cash management. Founded in 1967 as a thrift bank called Acme Savings Bank, it was renamed Banco de Oro Savings and Mortgage Bank when it was acquired by the Sy Group in 1976.
Net Income: PHP 28.25 billion (2020)
Total Assets: PHP 3.40 trillion (3/2021)
Metropolitan Bank & Trust Company
Metropolitan Bank & Trust Company, or Metrobank, is one of the premier financial institutions in the country. It currently offers a wide range of banking products and services all over the world, with its network of more than 1,774 ATMs, 706 local branches, 32 foreign branches, and representative offices. It lists around 13,718 employees.
Metrobank was founded in 1962 and opened its first branch a year later. In 1970, it opened its first international branch in Taipei. Three years later, it established a representative office in Hong Kong. Metrobank was also the first of the private banks in the Philippines to open in the US, with its office in Guam in 1975.
Net Income: PHP 13.83 billion (2020)
Total Assets: PHP 2.37 trillion (3/2021)
Bank of the Philippine Islands (BPI)
Originally known as El Banco Español Filipino de Isabel II, the Bank of the Philippine Islands (BPI) was founded in 1851, making it the oldest of the banks in the Philippines and in Southeast Asia. It marked the start of the banking and finance industry in the Philippines.
With its network of more than 1,173 branches (local and in Hong Kong and Europe) and 2,707 ATMs and cash deposit machines, BPI offers a comprehensive range of banking products and services such as consumer banking and lending, insurance, foreign exchange, leasing, and corporate and investment banking. It employs around 19,952 staff.
Net Income: PHP 21.41 billion (2020)
Total Assets: PHP 2.16 trillion (3/2021)
Land Bank of the Philippines
The government-owned Land Bank of the Philippines is considered the largest formal credit institution in rural areas. It is also one of the top commercial banks in the Philippines in terms of assets, loans, and deposits.
Landbank was established in 1963 to help farmers and fishermen through revenues from its commercial banking operations. It enables the universal bank to strike a balance between maintaining a financially viable institution and supporting rural development initiatives. The universal bank manages a strong rural branch network consisting of 365 branches and more than 1,600 ATMs. It employs around 7,062 individuals.
Net Income: PHP 20.01 billion (2019)
Total Assets: PHP 2.04 trillion (2019)
As of 2016, the bank’s total assets were US$30.83 billion.
Philippine National Bank
During the American Occupation in 1916, the Philippine government established the Philippine National Bank (PNB), which was 100% privatized in 2007. The bank is considered one of the largest private universal banks in the country. It offers a full range of banking and financial products and works with the Philippine government, agencies, local government units, and government-owned and controlled corporations.
The company operates through 716 branches and 1,710 automated teller machines in the Philippines, as well as 70 branches internationally. It counts around 9,000 employees.
Net Income: PHP 2.61 billion (2020)
Total Assets: PHP 1.14 trillion (3/2021)
Security Bank Corporation
Founded in 1951, Security Bank was the first private and Filipino-controlled bank during the post-World War II era. It offers a full range of products and solutions to major businesses such as retail, commercial, and financial sectors. The bank operates a network of 313 online branches and 804 ATMs and employs around 5,900 staff.
Net Income: PHP 7.43 billion (2020)
Total Assets: PHP 717.6 billion (3/2021)
China Banking Corporation
Established in 1920, China Banking Corporation was the first privately-owned local commercial bank in the country. Its clientele was initially composed of Chinese-Filipino businessmen. The bank now offers products and services such as deposits, investments, trusts, remittances, and cash management. It also oversees subsidiaries and affiliates that provide insurance brokerage and bancassurance solutions.
China Bank operates through a network of 634 branches and 1,002 automated teller machines and lists around 10,000 employees.
Net Income: PHP 12.06 billion (2020)
Total Assets: PHP 1.00 trillion (3/2021)
Development Bank of the Philippines (DBP)
The Development Bank of the Philippines (DBP) is the second-largest state-owned bank and one of the country’s largest government-owned and controlled corporations. Founded in 1947, the bank offers financing services in four major areas: infrastructure and logistics, small and medium enterprises, social services, and the environment.
While it is considered a development bank that is engaged with providing banking solutions to agricultural and industrial enterprises, DBP also serves as a thrift bank. With around 3,000 employees, the bank oversees a network of 138 branches and 836 ATMs.
Net Income: PHP 5.56 billion (2019)
Total Assets: PHP 763.5 billion (2019)
Union Bank of the Philippines
Founded in 1968, Union Bank started the online banking trend in the Philippines. Aside from creating the first bank website in the Philippines, it launched the EON Cyber Account, the first electronic savings account in the country, which also marked the beginning of electronic checking.
The bank’s online facility enables transaction and information access through multiple channels, including a 388 branch network nationwide, 389 on-site and 96 off-site ATMs, internet banking, and a call center. It also offers corporate cash management and business-to-business banking services to local and multinational companies in the country.
Net Income: PHP 11.55 billion (2020)
Total Assets: PHP 747.3 billion (3/2021)
Rizal Commercial Banking Corporation (RCBC)
Founded in 1960 as a development bank, Rizal Commercial Banking Corporation (RCBC) is licensed by the Central Bank of the Philippines for commercial and investment banking. It provides a wide range of services to more than 6.5 million customers through its 418 branches and more than 1,375 ATMs nationwide. The bank also manages remittance offices and tie-ups in 24 countries and employs around 6,611 individuals.
This has been CFI’s guide to the top banks in the Philippines. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: