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Philippines’ Top 10 Banking Institutions

Post Last Updates by Tuhisha: Friday, March 1, 2024 @ 8:19 PM

Philippines’ Top 10 Banking Institutions

Philippines' Top 10 Banking Institutions

News: Playing a crucial role in the economic growth of the Philippines, the banking industry encompasses a diverse array of institutions, ranging from universal banks to rural banks and non-banking entities. Moody’s current assessment underscores the stability of the Philippine banking system. Moody’s recognition extends to aspects such as asset performance, liquidity capacity, and strength within the local economy. According to Wikipedia, the Philippines boasts 36 universal and commercial banks, 492 rural banks, 57 thrift banks, 40 credit unions, and 6267 non-banks with semi-banking functions.

Here’s a rundown of the leading banks in the Philippines:

BDO Unibank Inc. (Formerly Acme Savings Bank and Banco De Oro Savings and Mortgage Bank)

  • As the top-ranking bank by assets, BDO Unibank Inc. was founded in 1968. Boasting a total net worth of US$48.98 billion and a net profit of US$94.67 million, it stands out for its comprehensive financial services, recognized by various local and international institutions.

Metropolitan Bank and Trust Company (Metrobank)

  • Established in 1962, Metrobank is a premier financial institution with a global reach, operating through a network of over 2300 ATMs, 950 local branches, and international offices. With total assets amounting to US$102.56 billion and a net profit of US$1.02 billion, Metrobank holds a significant position in the Philippine banking sector.

Bank of the Philippine Islands (BPI)

  • Founded in 1851, BPI is the oldest bank in the Philippines and Southeast Asia. With a vast network of over 800 branches locally and abroad, along with 3000 ATMs and cash deposit machines, BPI offers a diverse range of banking products and services. Its total assets are US$32.91 billion, with a net profit of US$425.2 million.

Land Bank of the Philippines

  • Established in 1963 as a government-owned entity, the Land Bank of the Philippines is the largest formal credit institution in rural areas. With a strong focus on supporting farmers and fishermen, it boasts assets totaling US$30.83 billion.

Philippine National Bank (PNB)

  • As one of the largest private banks in the country, PNB collaborates closely with government entities and local units, offering a comprehensive range of banking and financial products and services.

Security Bank Corporation

  • Founded in 1951, Security Bank Corporation is the first private and Filipino-controlled bank. With an asset base of US$2.68 billion, it provides stability in the industry across retail, commercial, and financial sectors.

China Banking Corporation

  • The first privately owned local commercial bank, China Banking Corporation, offers a spectrum of products and services, including deposits, investments, remittances, and cash management. It also oversees subsidiaries providing insurance brokerage and bank assurance.

Development Bank of the Philippines

  • As the second-largest state-owned bank with US$10.27 billion in assets, the Development Bank of the Philippines specializes in key sectors, including infrastructure and logistics, SMEs, social services, and the environment.

Union Bank of the Philippines

  • Pioneering online banking in the country, Union Bank of the Philippines introduces the EON Cyber Account, the first electronic savings account. It caters to local and multinational companies with cash management and B2B banking services.

Rizal Commercial Banking Corporation (RCBC)

  • Licensed by the Central Bank for commercial and investment banking, RCBC operates nearly 448 branches and over 1100 ATMs nationwide, with total assets amounting to US$9.95 billion.

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