Here in the Philippines, there are numerous banks we can be a part of. In this article you will know the best banks in the Philippines where you can choose to open your account. The main purpose of banking is to store your funds without physically having them. You can have a savings account or a checking account. Moreover, different banks offer different types of interest rates and this is what they use to get people to be a part of their system. In this article, we will be giving you the list of Philippine banks and how you can benefit from them.
We determined the list through their published balance sheets as of September 2018, the last quarter of last year. The following data is shared officially by the Bangko Sentral ng Pilipinas (BSP).
List of Philippine Banks
The following lists are taken from their amount in deposits, their assets, their loans, receivables, etc. Although these amounts are months delayed, they were the sheets updated as of the last quadrant of last year; the amounts are in million pesos.
Read: Charges for ATM Withdrawal and Balance Inquiry of Philippine Banks
Best Banks in the Philippine as to Deposits
(Amount in Million Pesos)
1. Banco De Oro (BDO) – P2,017,429.14
2. Landbank – P1,306,518.42
3. Bank of the Philippine Islands (BPI)– P1,306,518.42
4. Metrobank – P1,263,843.14
5. Philippine National Bank (PNB) – P574,522.06
6. China Bank – P503,041.48
7. Security Bank – P433,816.88
8. Unionbank – P386,309.17
9. Development Bank of the Philippines (DBP) – P367,322.88
10. Rizal Commercial Banking Corporation (RCBC) – P281,175.06
These figures are in terms of the amount in deposits in the bank. As you can see, BDO is ranked number one with over two (2) million in deposits. Why do you think this is so? Well, as far as SM malls and supermarkets are concerned, they all utilize BDO.
Read: Opening a BDO Kabayan Savings Account
SM employees use BDO as their payroll account and most companies do because of their good tie-up programs and plans.
Best Banks on the Philippine as to bank assets
(Amount in Million Pesos)
1. Banco De Oro (BDO) – P2,484,620.57
2. Metrobank – P1,627,441.03
3. Bank of the Philippine Islands (BPI)– P1,541,030.66
4. Landbank – P1,479,365.22
5. Security Bank – P796,957.01
6. Philippine National Bank (PNB) – P758,919.00
7. Development Bank of the Philippines (DBP) – P557,458.72
8. UnionBank – P488,052.24
9. Rizal Commercial Banking Corporation (RCBC) – P420,353.75
10. United Coconut Planters Bank (UCPB) – P308,271.05
In terms of assets, BDO is still reigning as the champ. All of the assets include loan earnings, cash, government securities, investment platforms, and the like. Since they’re the bank used by most of the employers, their assets go a long way as well.
Best Banks in the Philippine as to bank capital
(Amount in Million Pesos)
1. Banco De Oro (BDO) – P293,986.62
2. Metrobank – P199,943.99
3. Bank of the Philippine Islands (BPI) – P199,943.99
4. Philippine National Bank (PNB) – P106,035.78
5. LandBank – P101,943.42
6. Security Bank – P101,502.92
7. China Bank – P75,949.38
8. UnionBank – P65,938.71
9. Rizal Commercial Banking Corporation (RCBC) – P65,938.71
10. Development Bank of the Philippines – P46,550.98
Bank capital refers to the difference between the bank’s assets and liabilities. What it represents is its current net worth or how it looks like to investors. The higher the capital, the more chances it’s going to be bought by prime investors. Moreover, higher capital means more chances of improving or gaining more value.
Read: Can You Reopen a Closed Bank Account in the Philippines?
Best Banks in Philippine as to receivables, loans, net
(Amount in Million Pesos)
1. Banco De Oro (BDO) – P1,672,479.36
2. Bank of the Philippine Islands (BPI) – P919,892.95
3. Metrobank– P915,295.69
4. Landbank – P599,128.27
5. Philippine National Bank (PNB) – P415,544.87
6. China Bank – P366,246.05
7. Security Bank – P365,738.84
8. Development Bank of the Philippines (DBP) – P269,633.45
9. Rizal Commercial Banking Corporation (RCBC) – P253,274.04
10. Unionbank – P201,180.32
This list serves as a banks operation sheet. These figures determine whether a certain bank’s operations make profit or not. As you can see, BDO and BPI tops the list. This is evident in terms of Automated Teller Machines (ATMs) all over the country, the number of people using their services (both locally and internationally), and the investments in the bank overall.
So out of these list of Philippine banks, which should you choose for your funds?
The answer to the question actually depends on many different factors like where you live, which bank is more accessible, how you make your transactions, what types of investments you’re interested in, and many more. It’s not just narrowed down to how much a bank’s worth is or if the certain bank is number one.
You might also want to consider the number of people who use that bank because choosing a bank, say for example Banco De Oro (BDO) and you live in a city, might be a hassle because it’s going to be full of people most of the time.
Interbank charges for different types of transactions play a big role as well. To cut things simpler, you need to choose a bank where you’re comfortable, where you feel secure, and where you think your money will grow.