Top 10 Banks in The Philippines

Whether you are starting a business in The Philippines, getting your first job, or have savings to secure, opening a bank account can be useful.

The banking sector in The Philippines is massive, with many local and international banks with a firm footing in the industry. Different banks lead the market in different categories.

However, choosing the right bank can be cumbersome. Since this is not a "one solution fits all" situation, we have compiled a list of the top 10 banks in The Philippines to make things easier for you.

Overview of Banking in The Philippines

The Philippines's banking sector is full of national and international financial institutions and it plays a crucial role in the nation's economic development. With a mix of private and state-owned institutions, it provides services ranging from personal accounts and loans to corporate financing.

Along with local and international banks, Islamic banks are another common differentiator for banks in The Philippines. These banks usually don't offer credit cards, savings accounts, and other interest-associated dealings.

Document Requirements

To open a bank account in The Philippines, you usually need the following documents:

• Proof of Identity (Government-issued ID such as a passport, driver's license, or PRC card)

• Proof of Address (utility bill or barangay certificate)

• Taxpayer Identification Number (TIN)

• Proof of Employment or Source of Income (employment certificate, payslip, or business registration)

• Passport (for foreign nationals)

• Alien Certificate of Registration (ACR) for non-residents

• Initial deposit based on the account type

Top Banks in The Philippines

1. BDO Unibank Inc. (Banco de Oro)

Founded in 1968, BDO Unibank Inc. is headquartered in Makati, Philippines. It is a Private institution. Banco de Oro is operational in multiple countries and is categorized as a National with international operations bank.

It offers you a wide range of banking services and is widely recognized and trusted across The Philippines. Banco de Oro is considered a pioneer in the banking sector, offering all primary banking services, including Personal, Corporate, Investment, Digital Banking.

While Banco de Oro charges you fees that vary for different accounts and services, you are not required to maintain a minimum balance. Banco de Oro stands out because it has the largest bank in the Philippines by assets, with more than 1,400+ branches.

2. Metropolitan Bank and Trust Company

Headquartered in Makati, Philippines, Metropolitan Bank and Trust Company was founded in 1962 as The Philippines's first dedicated Islamic bank. Although relatively new, Metropolitan Bank and Trust Company has made quite a name in The Philippines's banking sector.

A National with some international presence bank that mainly operates and adheres to providing its services to the domestic market. Metropolitan Bank and Trust Company's services include Personal, Corporate, Investment, Remittance.

Regarding fees and charges, Metropolitan Bank and Trust Company does not charge a maintenance fee for your accounts as long as you maintain the minimum required balance. Metropolitan Bank and Trust Company is also known for its wide network of branches, which has expanded to 900+ branches.

3. Bank of the Philippine Islands

Bank of the Philippine Islands was founded in 1851 and is headquartered in Makati, Philippines. As a Private bank with a National with international presence presence, Bank of the Philippine Islands offers a broad range of banking services. These include Personal, Corporate, Wealth Management, Digital Banking, catering to both individual and corporate clients.

Known for its premium services, Bank of the Philippine Islands typically charges account maintenance fees for various services. Its Largest bank in the Philippines is a hallmark of its appeal, making it stand out in the market.

4. Philippine National Bank

Philippine National Bank was founded in 1916 and is headquartered in Pasay, Philippines. As a Private bank, it operates primarily within National with some international branches. Philippine National Bank offers a broad range of services, including Personal, Corporate, Investment, Digital Banking.

Though fees apply for certain services like ATM withdrawals and international transfers, Philippine National Bank is praised for its Extensive network of branches and ATMs.

5. Land Bank of the Philippines

Land Bank of the Philippines was founded in 1963 and is headquartered in Manila, Philippines. It is a State-owned bank, operating National with international presence. Land Bank of the Philippines offers services like Personal, Corporate, SME, Agrarian Banking and is recognized for Focus on agrarian loans and rural development.

6. China Banking Corporation

China Banking Corporation was founded in 1920 and is headquartered in Makati City, Philippines. It is privately owned and categorized as a national bank, focusing primarily on the domestic market.

China Banking Corporation offers a wide variety of services, including personal, corporate, and SME banking, digital banking, with an increasing emphasis on digital and mobile banking.

7. Security Bank Corporation

Founded in 1951 and headquartered in Makati City, Philippines, it is privately owned. It plays a crucial role in managing national's financial operations and focuses on personal banking and corporate banking.

8. Development Bank of the Philippines

Development Bank of the Philippines was founded in 1958 and is headquartered in Manila. As a Government bank categorized as National, Development Bank of the Philippines is well known for its customer service and emphasis on small and medium-sized businesses.

9. Rizal Commercial Banking Corporation

Rizal Commercial Banking Corporation was founded in 1960 and is headquartered in Makati City. As a Private bank with a National presence, Rizal Commercial Banking Corporation offers a wide range of banking services, including Personal banking and corporate banking.

10. Union Bank of the Philippines

Union Bank of the Philippines was founded in 1980 and is headquartered in Makati City. As a Private bank with a National presence, Union Bank of the Philippines offers a wide range of banking services, including Personal and corporate banking.

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Conclusion

This guide should be your go-to review when looking for options to open your bank account in The Philippines. Find everything you need to know and more about all the top banks in your country, and you shall not be disappointed with your decision.

The Philippines banking sector is home to some big names; therefore, the final decision will come down to your personal or business needs. By evaluating these 10 banks, you should be able to identify the unique services of each bank and make the right decision that works best in your interests.