What are the Top Commercial Banks in the Philippines?

Jay Pagkatotohan

Jay Pagkatotohan

Last updated November 09, 2022

Do you need to open a savings account for safekeeping? Or do you need a personal loan to finance a big-ticket expense? Or perhaps you want a credit card? A commercial bank can help you with these needs.

Commercial banks are the typical banks we see every day where we do most of our banking transactions. Keep reading to learn more about commercial banks in the Philippines and the types of products and services they offer.

What is a Commercial Bank?

Commercial Banks in the Philippines - what is a commercial bank

A commercial bank is a type of financial institution that handles transactions such as making deposits, availing of checking account services, and getting loans for individuals and businesses.[1] It typically offers financial products like savings accounts for individuals and small businesses as well as certificates of deposit (CDs).

Commercial banks in the Philippines profit from the loans they provide to consumers, earning an interest income. The loans commercial banks offer vary but usually include home loans, car loans, and personal loans. The capital used for these loans is sourced through customer deposits like checking and savings accounts.

For instance, if you deposit money into a savings account, you're effectively lending money to the bank. You'll earn interest on the money you deposited. However, interest rates may be less than the rates the bank charges on the money they lend.

In the Philippines, commercial banks are regulated by the Bangko Sentral ng Pilipinas (BSP). The BSP imposes various conditions and prescribes the minimum level of capitalization of banks.

Read more: Types of Bank Accounts in the Philippines: Which One is Right for You?

Commercial Banks vs Investment Banks: What are the Differences?

Investment banks cater to large institutions to manage their money. These banks help large companies create capital and underwrite debts. They also assist in mergers and acquisitions. An investment bank can also help a large entity connect with investors through issuing of bonds or stocks.

On the other hand, commercial banks provide financial services to individuals and small businesses. They offer loans, deposit accounts, and wealth management. This is where regular individuals do most of their financial transactions.

Commercial Bank Products and Services

Commercial Banks in the Philippines - Credit Card Products

Commercial banks in the Philippines offer various financial products and services to consumers and businesses. Here are some of the typical banking products in the country.

1. Deposit Accounts

You can go to a commercial bank to keep your money safe. You can open savings, checking, or time deposit accounts, depending on your needs.

Read more:

2. Credit Cards

You can also get a credit card from a commercial bank, whether you are a first-time cardholder or not. Through this card, you can spend money via credit for goods and services.

3. Loan Services

You can apply for various loans, including car loans, mortgages, personal loans, and business loans, offered by a commercial bank. 

4. Treasury Management

Commercial banks offer this service to help clients make better use of their funds. Enterprises are the usual clientele for this type of service.

5. Insurance

You can also get different insurance policies in commercial banks. Insurance can protect you from financial losses caused by unexpected events and emergencies.

6. Wealth Management

Commercial banks in the Philippines also offer wealth management to their clients. It’s an investment advisory service that combines financial services to address your particular needs.

Top 25 Commercial Banks in the Philippines

AUB

commercial banks in the philippines - aub

Asia United Bank or AUB started as a joint venture between Filipino industrialists and Taiwanese investment banks. It was granted the authority to operate as a commercial bank by BSP’s Monetary Board in 1997.

As of 2013, AUB is a publicly listed company with three major stockholders: Kuo Yu Philippines Holdings Corporations, Lambda Holdings Corporation, and Rebisco Biscuit Corporation. To expand its business and distribution network, the bank also has three subsidiaries, which include Rural Bank of Angeles, Cavite United Rural Bank, and Asia United Leasing and Finance Corporation (AULFC).

The bank is a consistent recipient of various accolades. For one, it became part of Forbes Asia’s 2020 Best Under a Billion list. The Asian Banker also recognized AUB as one of the strongest banks in Asia.

AUB Products and Services

  • Deposit accounts
  • Loan services
  • Credit cards
  • Remittance
  • Cash management services - collection payment, ePayment, payroll organizer, POS cash-out, etc.
  • Special corporate services - escrow agency, custodianship, and mortgage trust indentures

Bank of Commerce

An affiliate of San Miguel Corporation, Bank of Commerce or BankCom hails itself as one of the progressive banks in the Philippines. Operating since 1963, it offers a suite of financial products and services designed for individual depositors and businessmen.

As of June 2022, the bank landed on the 15th spot on the BSP’s list of top commercial banks in the Philippines in terms of total assets.

Bank of Commerce currently has 140 branches and 261 automated teller machines (ATMs) nationwide. On top of that, the bank’s services can be accessed online through its mobile app and web portal.

Bank of Commerce Products and Services

  • Deposit accounts
  • Credit cards
  • Loan services
  • Trust investment
  • Treasury
  • Cash management - payroll crediting, auto-credit arrangement (ACA), auto-debit arrangement (ACA), collections management

BPI

commercial banks in the philippines - bpi

Founded in 1851, the Bank of the Philippine Islands (BPI) is the oldest bank in the Philippines and Southeast Asia. It's also the country's third largest bank in terms of total assets, based on the latest BSP data.

This Ayala-owned bank has a host of services for a diverse range of clients. It offers asset management for investors, retail lending for regular clients, and corporate lending for businesses that need extra capital.

BPI is known for its extensive reach, with 869 branches and more than 2,700 ATMs and cash-accept machines (CAMs) nationwide.

BPI Products and Services

  • Deposit accounts
  • Checking accounts
  • Time deposit
  • Credit cards
  • Insurance
  • Loans
  • Mutual funds
  • Unit investment trust fund (UITF)
  • Equities

China Bank

China Banking Corporation, also known as China Bank, was founded in 1920 in the Philippines. It's a member of the SM Group, which is one of the largest conglomerates in the country.

With more than 100 years of banking experience, China Bank offers a full range of financial products and services. The bank efficiently deploys them through its subsidiaries, namely China Bank Savings, China Bank Capital, China Bank Securities, Resurgent Capital, China Bank Insurance Brokers, and Manulife China Bank Life Assurance.

As of 2021, China Bank has more than 630 branches and 1,037 ATMs nationwide. You can also access its services through China Bank Online, China Bank TellerPhone, and China Bank mobile app.

China Bank Products and Services

  • Deposit accounts
  • Credit cards
  • Remittance
  • Loan services
  • Unit investment trust fund (UITF)
  • Estate planning
  • Escrow services
  • Insurance

CIMB Bank

commercial banks in the philippines - cimb

CIMB Bank Philippines is a digital bank, which means you can access its services online through its mobile app. It’s popular among individual depositors because of its high interest rates on savings accounts and free insurance.

CIMB Bank boasts of several awards and accolades. In 2019, The Asian Banker recognized the bank as the best digital bank in the Philippines. The European gave the bank the same recognition in 2021. In 2022, the World Economic Magazine called CIMB the Fastest-Growing Digital Bank in the Philippines.  

CIMB Products and Services

  • High-interest savings accounts
  • Loan services
  • Credit line

DBP

Development Bank of the Philippines, or DBP, provides development banking, financing, management, and remittance services to agricultural and industrial enterprises.

It operates with a purpose-driven mission, as seen in its efforts to support projects that foster growth in major sectors, which include the following: environment, social services, community development, transportation and logistics, and small and medium enterprises.

The bank offers accelerated lending, which is deployed through local government units (LGU), water districts, and electric cooperatives.

DBP Products and Services

  • Deposit accounts
  • Trust banking
  • Investment services
  • Development financing

Deutsche Bank

Deutsche Bank is a leading German bank with a global network. It gained a full commercial banking license in the Philippines in 1995. It has two major arms in the country: corporate banking and investment banking.

Deutsche Bank’s corporate banking division serves as the hub for its corporate and commercial clients. At the center of it is the Global Transaction Banking (GTB) business, a market leader in Europe with an on-the-ground presence in 60 countries.

Meanwhile, its investment banking division provides clients with strategic advice that focuses on the following strengths: financing, advisory, fixed income, and currencies, among others.  

Deutsche Bank Products and Services

  • Deposit accounts
  • Investment banking
  • Asset management
  • Wealth management

EastWest Bank

commercial banks in the philippines - eastwest

A subsidiary of the Filinvest Development Corporation, EastWest Bank remains one of the top commercial banks in the Philippines. It was the first recipient of a commercial banking license after the central monetary authority liberalized banking in the ‘90s.

The bank has 490 branches and 584 ATMs nationwide. This network is complemented by three corporate banking offices located in Metro Manila and 12 regional offices.

EastWest Bank Products and Services

  • Deposit accounts
  • Credit cards
  • Loan services
  • Investment
  • Time deposit
  • Insurance

HSBC

The Hongkong and Shanghai Banking Corporation (HSBC) is a British banking institution that has been in the Philippines since 1875. It serves over 40 million customers worldwide.

As one of the top commercial banks in the Philippines, HSBC has a network of branches in key metropolitan areas, such as Metro Manila, Cebu, and Davao.

HSBC is popular for its rewards-centric credit cards. So if you’re planning to get a new credit card, check out this bank’s offerings.

HSBC Products and Services

  • Deposit accounts
  • Credit cards
  • Investment
  • Insurance
  • Loans

Land Bank of the Philippines

commercial banks in the philippines - landbank

LANDBANK is a government financial institution founded in 1963. It focuses on serving farmers and fishermen.

LANDBANK, as an implementing agency of the Comprehensive Agrarian Reform Program (CARP), is involved in the following activities: land evaluation, compensation to private agricultural land owners, and collection of amortizations from CARP farmer-beneficiaries. It also provides credit assistance for farmers and fisherfolk. 

On top of all those duties, LANDBANK is an official depository of government funds.  

LANDBANK Products and Services

  • Personal banking
  • Loans
  • Treasury
  • Trust banking

Maybank

Maybank is a Malaysian universal bank that has been in the Philippines since 1997. It bought a 60% stake from the Philippine National Bank (PNB) Republic Bank and renamed the new entity Maybank Philippines, Inc. (MPI). 

Maybank has received various prestigious awards, a testament to its high-quality products and services. This year, the International Finance Awards hailed Maybank as the Most Innovative Digital Bank. The bank also bagged the Best Institutional Broker in the Philippines award at the Alpha Southeast Asia Award Ceremony. 

Maybank Products and Services

  • Deposit accounts
  • Checking accounts
  • Loan services
  • Credit cards
  • Unit investment trust funds (UITF)
  • Wealth management 

Metrobank

commercial banks in the philippines - metrobank

The Metropolitan Bank and Trust Company, or simply Metrobank, is the country’s fourth largest universal and commercial bank in terms of total assets.

Founded in Binondo in the early ‘60s, the bank went on to become one of the financial institutions in the country with the largest networks. It even has branches and offices overseas, including Taipei, Seoul, Tokyo, Osaka, and Hong Kong. 

For more streamlined operations, Metrobank relies on subsidiaries that take care of specific business interests. These include AXA Philippines for insurance, Metrobank Card for credit cards, First Metro Asset Management, Inc. (FAMI) for personal investments, and First Metro Investment Corporation for investment banking and asset management.

Metrobank Products and Services

  • Savings accounts
  • Time deposit
  • Checking accounts
  • Credit cards
  • Unit investment trust funds (UITF)
  • Loan services
  • Investment banking
  • Asset management

PBCom

commercial banks in the philippines - pbcom

The Philippine Bank of Communications or PBCom was established in 1939 in Binondo. At present, it has 93 branches located across Luzon, Visayas, and Mindanao. 

In 2014, Puregold founder Lucio Co became PBCom’s strategic investor. This gave the bank significant leverage for growth via the ecosystem of Puregold Group. 

PBCom has a suite of personal and business banking services. For personal banking, it goes beyond deposit and savings accounts by offering investments and loans. Meanwhile, its business banking division is centered on offering products and services designed for big and small enterprises. These include loans, investments, and cash management solutions. 

Trivia: Did you know that the PBCom Tower was the tallest building in the Philippines from 2000 to 2017? 

PBCom Products and Services

  • Deposit accounts
  • Loan services
  • Investment
  • Escrow services
  • Cash management

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Philtrust Bank

Established in 1916, Philtrust is one of the oldest banking institutions in the country. While smaller than other top commercial banks in the Philippines, PhilTrust offers a comprehensive range of personal and business banking services. These primarily include loans and savings. 

One can very well consider Philtrust to be a resilient and flexible bank, owing to its claim as the least affected organization during financial storms. 

Philtrust Bank Products and Services

  • Deposit accounts
  • Loan services
  • Personal trust services
  • Corporate trust services
  • Institutional trust services
  • Safety deposit boxes

Philippine Veterans Bank

One of the leading medium-sized commercial banks in the Philippines, the Philippine Veterans Bank provides banking products and services that help Filipinos fight for their dreams.[3]

But the company goes beyond banking by committing itself to meaningful advocacies. For one, the bank allocates 20% of its annual net income for the benefit of its shareholders—the World War II veterans and their families. 

Currently, the Philippine Veterans Bank has 60 branches and 120 ATMs across the Philippines. 

Philippine Veterans Bank Products and Services

  • Deposit accounts
  • Loan services (including pension loans)
  • Treasury products
  • Trust products
  • Corporate deposit products
  • Cash management services
  • Pension Express Padala

PNB

commercial banks in the philippines - pnb

Founded in 1916, the Philippine National Bank (PNB) is the first universal bank in the country. It was also the first bank in the Philippines to reach the ₱100 billion mark in assets in 1996. As of June 2022, PNB is the fifth largest universal and commercial bank group in terms of total assets, as per the ranking of the BSP. 

Initially established and owned by the government, PNB became fully privatized in 2007. It's currently part of the Lucio Tan Group (LTG). 

PNB has 670 branches and over 1,500 ATMs across the country. With more than 70 branches overseas, it’s also one of the few commercial banks in the Philippines with an extensive international reach.

PNB Products and Services

  • Personal banking
  • Asset management
  • Loan services
  • Investment
  • Corporate trust services
  • Foreign exchange
  • Cash management services

RCBC

Rizal Commercial Banking Corporation (RCBC) started as a development bank in the '60s. It is now one of the top commercial banks in the Philippines. 

Majority-owned by the Yuchengo Group of Companies (YGC), RCBC is one of the largest private banks in the country in terms of total assets. It currently has a network of more than 444 branches and 2,492 ATMs. In 2019, RCBC’s valuation became larger after it merged with RCBC Savings, its thrift unit. 

RCBC offers personal and business banking services. With affiliates such as Sun Life GREPA Financials (SLGFI) and Malayan Insurance Company, Inc. (MICO), the bank is able to offer investment-linked products, personal accident insurance, and non-life insurance. 

RCBC Products and Services

  • Deposit accounts
  • Loan services
  • Insurance 
  • Investment
  • Cash management
  • Wealth management

Security Bank

commercial banks in the philippines - security bank

Established in 1951, Security Bank Corporation is one of the commercial bank examples in the Philippines that offer universal banking services. It was the first private and Filipino-controlled bank following World War II.

Its services include personal banking, commercial and corporate banking, financial markets, financing, leasing, foreign exchange, stock brokerage, asset management, and investment banking. The deployment of these products and services is made possible through the bank’s subsidiaries: SB Cards Corporation, SB Equities, Inc., SB Capital Corporation, SB Forex, Inc., and SB Rental Corporation, among others. 

In 2016, MUFG Bank, a member of Mitsubishi UFJ Financial Group, Inc. (MUFG), became a strategic partner of Security Bank. This means MUFG is one of the major shareholders of the bank. 

Security Bank Products and Services

  • Savings accounts
  • Checking accounts
  • Time deposit
  • Investment
  • Loan services
  • Wealth management 
  • Business leasing (office space and equipment)[3] 

Standard Chartered Bank

Established in 1872, Standard Chartered Bank is the oldest international bank in the country.[4] National hero Dr. Jose Rizal used to ask his parents to send him money through this bank, which was known as The Chartered Bank of India, Australia, and China at the time. 

This 150-year-old institution offers a wide range of financial products and services to personal and business banking clients. For individual clients, Standard Chartered Bank provides international banking, priority banking, and private banking. Corporate clients, on the other hand, can benefit from the bank’s transaction banking and financial markets. 

Standard Chartered BankProducts and services:

  • Consumer banking
  • Credit cards
  • Loan services
  • Wealth management

UnionBank

commercial banks in the philippines - unionbank

That which started out as a traditional bank is now one of the forerunners of digital transformation in the country’s banking industry. With its commitment to digitalization, UnionBank is recognized as one of the leading companies in Asia and one of the top universal banks in the Philippines. 

Because UnionBank is dedicated to financial technology or fintech, it came up with a developer portal. Through this, developers can access and use UnionBank’s wide variety of financial and capability Application Programming Interface (APIs). 

Products and services:

  • Deposit accounts
  • Loan services
  • Cash management
  • Trust and investment
  • Bancassurance 
  • Foreclosed assets 
  • Micro, small, and medium enterprise (MSME) banking
  • Supply chain financing
  • Credit cards

Read more: UnionBank Power Checking Account

First Commercial Bank 

Established in 2016 in Manila, Taiwan’s First Commercial Bank commits itself to providing overseas Taiwanese and Filipinos with comprehensive financial solutions.

When it was launched in the country, then-BSP Governor Amando M. Tetangco, Jr. said the bank was interested in assisting foreign investors in the Philippines and helping to fund infrastructure development projects.[5]

First Commercial Bank Products and Services

  • Deposit accounts
  • Loan services
  • Remittance
  • Telegraphic transfer instructions 
  • Correspondent banking
  • Foreign exchange
  • Securities transactions

J.P. Morgan Chase

J.P. Morgan started its operations in the Philippines with a representative bank back in 1961. Years later, it was able to secure a full franchise that allowed it to offer the following services: corporate and investment banking, commercial banking, equity, sales and trading, and treasury services. 

As a global banking brand, J.P. Morgan’s main clients include high-profile corporations and institutions in more than 100 countries. The bank is also known for its advocacies and charitable efforts. As announced in 2018, the bank will mobilize US$1.75 billion in philanthropic capital around the world by 2023.[6] 

J.P. Morgan Chase Products and Services

  • Deposit accounts
  • Loans and loan syndication
  • Equity and debt capital
  • Cash management
  • Government securities
  • Foreign transactions
  • Liquidity management
  • Financial risk management 

CTBC Bank (Philippines) Corp.

commercial banks in the philippines - ctbc

Established in 1995 in the Philippines, CTBC Bank (Philippines) Corporation is one of the few commercial banks that adopt a niche-based strategy. The success of the bank is attributed to its Taiwanese roots with a touch of Filipino service.

As one of the top commercial banks in the Philippines, CTBC Bank offers personal and business banking services. As of t2022, the bank is the 23rd largest universal and commercial bank group when it comes to total assets. 

CTBC Bank Products and Services

  • Deposit accounts
  • Investments and trust
  • Loans
  • Cash management
  • Treasury
  • Trade Services

MUFG Bank

MUFG is a Japanese bank that has been in the Philippines since 1953. In 1995, it was able to acquire a full banking operations license. One of MUFG’s strengths is loan syndication, a service that contributed to the bank's success in the country. 

To extend its reach and expand its business, the bank entered into a strategic partnership with Security Bank Corporation (SBC) in 2016. In this arrangement, MUFG owns a 20% stake in SBC. 

MUFG Bank Products and Services

  • Deposit accounts
  • Trade finance
  • Foreign exchange
  • Cash and cheque collection services
  • Global cash management
  • Payroll services
  • Government payments

Al Amanah Islamic Investment Bank of the Philippines

Al Amanah Islamic Investment Bank of the Philippines was created in 1973 by virtue of Presidential Decree No. 264. It eventually became a universal bank in 1990. In 2008, it became a subsidiary of the Development Bank of the Philippines.

Al Amanah Islamic Investment Bank has the authority to provide Islamic banking, financing, and investment services. It also promotes and accelerates the development of various Islamic communities in the Philippines. 

Al Amanah Islamic Investment Bank Products and Services

  • Deposit accounts
  • Collection agreement
  • Payroll services
  • Remittance
  • Loan services

Final Thoughts

Commercial banks in the Philippines provide convenient financial solutions to both consumers and small businesses. With a commercial bank, you can deposit your money for safekeeping. You can also get credit cards, insurance, and loans for your needs. Be aware of your options when looking for the right bank for you.

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Sources:

Jay is a marketing communications professional who specializes in short-form and long-form content. He has written ads for TV, radio, print, and digital. He has also produced corporate blogs, magazine features, white papers, product listings, reviews, and press releases for clients here and abroad. When he’s not writing, Jay plays the piano or takes pictures for his visual diary. Follow Jay on LinkedIn.