5 Best Banks in the Philippines

The banking sector is the Philippines’ economic backbone. Established in 1993, the Philippines’ central bank oversees the country’s banking activities and direct monetary policy. The Philippines’ banking system comprises different types of banks like large universal banks, commercial banks, rural banks, thrift banks, and cooperative banks. Each type of bank typically conducts business within its domain. The article briefly discusses the top five Philippian banks.

BDO Unibank INC

The bank is in business since 1968, and it is the largest full-service universal bank in the country regarding assets. BDO employs over 38000 staff and operates over 1,400 branches and facilitates a transaction through more than 4,400 ATMs nationwide. In 2019, the bank’s total revenue amounted to $4.61 billion, its assets were equal to $66.42, with total equity of $7.68 billion.

Metropolitan Bank & Trust Company

Incorporated in 1962, the second-largest bank in the country is also known as Metrobank. The bank has over 12000 employees working in more than 860 nationwide branches and 31 foreign branches. It has a network of more than 2000 ATMs. Metrobank provides its individual and commercial clients full range of banking services. In 2019, the bank’s total revenue amounted to $2.07 billion, its assets were equal to $48.14, with 27.48% net income growth.

Land Bank of the Philippines

The Philippines government owns the Land Bank of the Philippines. It was established in 1963 to facilitate the Farmers and fishermen. Therefore, the bank has a strong presence in rural areas. The bank employs more than 10000 people. It has 411 branches, 64 branch-lite units, 55 lending centers, and over 2300 ATMs and 167 CDMs across the country. In 2019, the bank’s total revenue amounted to $1.59 billion, and its assets were equal to $42.09 billion.

Bank of the Philippine Islands

Abbreviated as BPI, the Bank of the Philippine Islands was founded in 1851. BPI is the oldest bank in the Philippines and it hires more than 21000 employees. The bank offers a diverse array of products and services to its retail and corporate customers via a network of over 900 branches, 3,000 ATMs, and CDMs in the Philippines and abroad. BPI ranks high in terms of corporate equity in the Philippines. The net income of the bank in 2019 amounted to $1 billion and its reserves to $45 billion.

Philippine National Bank

Incorporated in 1916 as a government subsidiary to support industry, agriculture and assist the government in economic reforms, the PNB employs more than 5600 people. The bank maintains a network of 713 branches and over 1400 ATMs. In 2019, the bank’s net income amounted to $202 million, and its assets were equal to $23.52 billion.

Apart from the top banks listed above, many prominent banks and financial institutions serve a significant portion of the market. Some well-known banks are the Union Bank of the Philippines, Rizal Commercial Banking Corporation, China Banking Corporation, Security Bank Corporation, and Development Bank of the Philippines.

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