List of General & Commercial Banks in the Philippines
List of Universal and Commercial Banks in the Philippines
There are currently 43 universal and commercial banks, 57 thrift banks, 492 rural banks, 40 credit unions, and 6,267 non-banks with quasi-banking functions in the Philippines. Universal banks actively operating in the Philippines and with the biggest financial assets have in-country headquarters in either Makati, Bonifacio Global City (BGC), Quezon City or some other part of Metro Manila, Philippines.
Provided under Section 4 of Republic Act No. 8791, otherwise known as “The General Banking Law of 2000”, the operations and activities of these banks are subject to supervision of the Bangko Sentral ng Pilipinas (the central bank of the Republic of the Philippines).
The complete list of universal and commercial banks currently operating in the Philippines are provided below. Those with the biggest assets are also enumerated, as well as the largest thrift banks and rural and cooperative banks. A separate listing for the representative offices of foreign banks in the Philippines can be viewed in the bottom part of this article.
The full list of thrift banks, rural banks, credit unions, and non-banks with quasi-banking functions can be accessed through the Directory of Banks and Non-Banks of the Bangko Sentral.
Universal Banks
Universal banks are financial service conglomerates that combine investment banking, commercial banking, development banking, and insurance to encompass a wider variety of services. They are also authorized to engage in other functions such as merchant banking, mutual funds, factoring, housing finance, and practically all types of functions typical in the banking business.
According to Bangko Sentral, there are 21 universal banks with active operations in the Philippines as of March 2018. These banks are the following:
- Land Bank of the Philippines
- Australia and New Zealand Banking Group Limited
- Deutsche Bank AG
- ING Bank N.V.
- Mitzuho Bank, Ltd. – Manila Branch
- Standard Chartered Bank
- The Hongkong & Shanghai Banking Corporation
- Asia United Bank Corporation
- Rizal Commercial Banking Corporation
- Security Bank Corporation
- Union Bank of the Philippines
- Al-Amanah Islamic Investment Bank of the Philippines
- Development Bank of the Philippines
- Bank of the Philippine Islands
- BDO Unibank, Inc.
- United Coconut Planters Bank
- China Banking Corporation
- East West Banking Corporation
- Metropolitan Bank and Trust Company
- Philippine National Bank
- Philippine Trust Company
Commercial Banks
Commercial banks are privately-owned institutions that accept deposits and lend money to projects to earn interest. They also offer personal, business, and mortgage loans, checking account services, and basic financial products like savings accounts and certificate of deposit to individuals and businesses. They are primarily owned by shareholders and are profit-based.
As of March 2018, 22 commercial banks are in operation in the Philippines and they are listed below:
- Bank of Commerce
- BDO Private Bank, Inc.
- Philippine Bank of Communications
- Philippine Veterans Bank
- Robinsons Bank Corporation
- CTBC Bank (Philippines) Corporation
- Maybank Philippines, Incorporated
- Bangkok Bank Public Co. Ltd.
- Bank of America, N.A.
- Bank of China Limited – Manila Branch
- Citibank, N.A.
- JP Morgan Chase Bank, N.A.
- KEB Hana Bank – Manila Branch
- Mega International Commercial Bank Co., Ltd.
- The Bank of Tokyo-Mitsubishi UFJ, Ltd.
- First Commercial Bank, Ltd., – Manila Branch
- Cathay United Bank Co., Ltd., – Manila Branch
- Shinhan Bank – Manila Branch
- Sumitomo Mitsui Banking Corporation – Manila Branch
- Industrial Bank of Korea – Manila Branch
- United Overseas Bank Ltd., – Manila Branch
- Hua Nan Commercial Bank, Ltd., – Manila Branch
List of Banks in the Philippines with the Biggest Financial Assets (as of September 2017)
Top 10 Universal and Commercial Banks
| Universal and Commercial Banks | Assets in Philippine Peso (data provided by Bangko Sentral as of September 2017) |
| 1. Banco de Oro (BDO Unibank, Inc.) | 2,484,620,573,596.92 |
| 2. Metrobank (Metropolitan Bank and Trust Company) | 1,627,441,032,025.43 |
| 3. Bank of the Philippine Islands | 1,541,030,664,261.33 |
| 4. Landbank of the Philippines | 1,479,365,223,422.43 |
| 5. Security Bank Corporation | 796,957,013,257.16 |
| 6. Philippine National Bank | 758,919,001,298.77 |
| 7. Chinabank (China Banking Corporation) | 607,574,589,342.64 |
| 8. Development Bank of the Philippines | 557,458,721,276.70 |
| 9. Union Bank of the Philippines | 488,052,235,582.21 |
| 10. Rizal Commercial Banking Corporation | 420,353,746,114.14 |
Top 10 Thrift Banks
| Thrift Banks | Assets in Philippine Peso (data provided by Bangko Sentral as of September 2017) |
| 1. Bank of the Philippine Islands Savings Bank | 265,011,599,992.47 |
| 2. Philippine Savings Bank | 221,290,937,375.84 |
| 3. Rizal Commercial Banking Corporation Savings Bank | 110,290,602,447.15 |
| 4. China Bank Savings | 87,605,123,627.04 |
| 5. Philippine Business Bank | 80,379,774,037.23 |
| 6. City Savings Bank | 71,700,538,780.17 |
| 7. Philippine National Bank Savings Bank | 46,973,114,935.97 |
| 8. Sterling Bank of Asia | 36,266,308,396.87 |
| 9. Bank of Makati | 29,312,299,370.42 |
| 10. United Coconut Planters Bank Savings Bank | 18,184,952,735.33 |
Top 10 Rural and Cooperative Banks
| Rural and Cooperative Banks | Assets in Millions in Philippine Peso (data provided by Bangko Sentral as of September 2017) |
| 1. One Network Bank | 28,147.16 |
| 2. EastWest Rural Bank | 22,608.07 |
| 3. CARD Bank, Inc. | 11,219.51 |
| 4. Guagua Rural Bank | 4,498.17 |
| 5. First Isabela Cooperative Bank (FICO Bank) | 3,900.87 |
| 6. GM Bank of Luzon | 3,445.57 |
| 7. Quezon Capital Rural Bank | 3,419.21 |
| 8. Metro South Cooperative Bank | 3,021.85 |
| 9. Bank of Florida (BOF Inc.) | 2,908.36 |
| 10. AMA Rural Bank | 2,719.40 |
List of Foreign Banks with Representative Offices in the Philippines
Representative offices of foreign banks are set up in the Philippines to serve as marketing and advertising platforms with the main purpose of promoting their services and/or forwarding client orders from abroad. These offices are not allowed to accept deposits, issue letters of credit, and engage in foreign exchange trading. They are required, however, to add the title “Representative Office” to their official local bank name to demonstrate the limited function accorded to them by the Bangko Sentral.
There are 10 Foreign Banks’ Representative Offices actively operating in the Philippines, and they are as follows:
- Bank of Singapore Ltd. Representative Office
- Barclays Banks PLC Representative Office
- DBS Bank Ltd. Representative Office
- Japan Bank for International Cooperation Representative Office
- Rothschild (Singapore) Ltd. Representative Office
- The Bank of New York Mellon Representative Office
- The Export-Import Bank of Korea (Korea Eximbank) Representative Office
- Union Bank of Switzerland Aktiengesellschaft (AG or corporation limited by share ownership) Representative Office
- Wells Fargo Bank, N.A. Representative Office
- Korea Development Bank Representative Office
