{"id":67601,"date":"2020-09-28T21:56:44","date_gmt":"2020-09-28T13:56:44","guid":{"rendered":"https:\/\/primer.com.ph\/blog\/?p=67601"},"modified":"2022-09-28T21:58:34","modified_gmt":"2022-09-28T13:58:34","slug":"finding-the-right-bank-for-you-a-guide-to-banks-in-the-philippines","status":"publish","type":"post","link":"https:\/\/primer.com.ph\/blog\/2020\/09\/28\/finding-the-right-bank-for-you-a-guide-to-banks-in-the-philippines\/","title":{"rendered":"Finding the Right Bank For You: A Guide to Banks in the Philippines"},"content":{"rendered":"

The Philippine banking system, according to the Bangko Sentral ng Pilipinas (BSP), is composed of universal and commercial banks, thrift banks, rural and cooperative banks. With these categories alone, one might find it hard to choose a bank that they can trust.\u00a0<\/span><\/p>\n

The banks that you will find in this article fall under the <\/span>universal and commercial banks<\/b>. Universal and commercial banks are the largest group of financial institutions in the country. They offer the widest variety of banking services compared to other types of banks.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

Universal banks<\/b> combine the services of a commercial bank and an investment bank within one entity. These services include deposit accounts, investment services, and insurance services. They are also authorized to engage in merchant banking, mutual funds, factoring, and all typical functions in the banking industry.\u00a0<\/span><\/p>\n

Commercial banks<\/b>, on the other hand, are privately-owned financial institutions that accept deposits and loans. They offer basic financial products like deposit and savings accounts to small businesses. Compared to a universal bank, the functions and services of a commercial bank are limited to deposits, loans, savings, and checking accounts.<\/span><\/p>\n

Universal and commercial banks are the most common type of banks that are used by working professionals and businessmen.<\/span><\/p>\n

In this article, we give you a quick rundown of the best established banks in the Philippines as well as some important tips to consider before signing with your chosen bank.<\/span><\/p>\n

Featured banks with international desks<\/strong><\/span><\/p>\n

BDO Unibank, Inc.<\/b><\/span><\/p>\n

\"\"<\/p>\n

BDO is a full-service bank that provides a complete array of products and services that include lending, deposit-taking, foreign exchange, brokering, trust and investments, and credit cards among others. The bank has the largest distribution network with over 1,300 branches and more than 4,000 ATMs across the Philippines.\u00a0<\/span><\/p>\n

BDO is also a member of one of the country\u2019s largest and most successful conglomerates \u2013 the SM Group.\u00a0<\/span><\/p>\n

Head office:<\/b> BDO Corporate Center, 7899 Makati Ave., Makati City
\n<\/span>Contact: <\/b>02-8631-8000
\n<\/span>E-mail: <\/b>callcenter@bdo.com.ph
\n<\/span>Facebook: <\/b>facebook.com\/BDOUnibank
\n<\/a>Website: <\/b>bdo.com.ph<\/span><\/a><\/p>\n

International Desks<\/b><\/span><\/p>\n

Japan Desk<\/strong>
\n<\/span>Website:<\/strong> www.bdo.com.ph\/jp\/home<\/a>
\n<\/span>Hotline:<\/strong> 02-8663-4001
\n<\/span>Email:<\/strong> help-Japanese@bdo.com.ph<\/a><\/span><\/p>\n

Korea Desk
\n<\/strong>Website:<\/strong> www.bdo.com.ph\/kr\/home<\/a>
\n<\/span>Hotline:<\/strong> 02-8663-4000
\n<\/span>Email: <\/strong>koreadeskhelpdesk@bdo.com.ph<\/a><\/p>\n

China Desk
\n<\/strong>Website:<\/strong> www.bdo.com.ph\/cn\/home<\/a>
\n<\/span>Hotline:<\/strong> 02-8631-8000
\n<\/span>Email: chinadesk@bdo.com.ph<\/a><\/strong><\/span><\/p>\n

Other international desks: ASEAN Desk, Europe Desk, Multi-Lateral\/ECAS Desk, North America\/Australia Desk, Taiwan Desk<\/i><\/strong><\/p>\n

Metrobank<\/b><\/span><\/p>\n

\"\"<\/p>\n

Recognized as the Best Managed Bank in the Philippines, Metrobank is a premier universal bank with expertise in investment, commercial, and retail banking. With almost six decades of banking excellence, Metrobank is committed to delivering meaningful banking to Filipinos everywhere through the Bank\u2019s extensive domestic branch network and overseas coverage. The Metrobank Group is one of the biggest and most profitable conglomerates in the country today. You are always in Good Hands with Metrobank.<\/span><\/p>\n

Head office:<\/b> Metrobank Plaza Sen. Gil J. Puyat Ave., Makati City
\n<\/span>Contact: <\/b>02-88700-700
\n<\/span>E-mail: <\/b>customercare@metrobank.com.ph<\/a>
\n<\/span>Facebook: <\/b>facebook.com\/metrobank<\/a>
\nWebsite:<\/b> metrobank.com.ph<\/span><\/a><\/p>\n

Corporate Customer Care
\n<\/b><\/span>Contact: <\/b>02-8898-8000
\n<\/span>E-mail: <\/b>ibs.customercare@metrobank.com.ph<\/a><\/p>\n

RCBC<\/b><\/span><\/p>\n

\"\"<\/p>\n

RCBC is the financial flagship company of the Yuchengco Group of Companies, one of the oldest and largest business conglomerates in the Philippines. With 60 years in service, the bank is among the top largest private universal banks in the country. RCBC is engaged in all aspects of traditional banking, investment banking, microfinance, retail financing (auto, mortgage, and housing loans, and credit cards), remittance, leasing, foreign exchange, and stock brokering. With over 150 awards from various award-giving bodies, RCBC continues to grow, innovate, improve, and reach out beyond their customers<\/span><\/p>\n

Head office:<\/b> Yuchengco Tower, RCBC Plaza, Ayala Ave., Makati City
\n<\/span>Contact: <\/b>02-8877-7222
\n<\/span>E-mail: <\/b>customercare@rcbc.com<\/a>
\n<\/span>Facebook: <\/b>facebook.com\/RCBCGroup
\n<\/a>Website:<\/b> rcbc.com<\/span><\/a><\/p>\n

International Desks<\/b><\/span><\/p>\n

Korea Desk
\n<\/strong>Website:<\/strong> www.rcbc.com\/Corporate\/KoreaDesk<\/a>
\n<\/span>Hotline:<\/strong> 02-8894-9837
\n<\/span>Email: <\/strong>jhoh@rcbc.com<\/span><\/a><\/p>\n

Japan Desk
\n<\/strong>Website:<\/strong> www.rcbc.com\/Corporate\/JapanDesk<\/a>
\n<\/span>Hotline:<\/strong> 02-8894-9986
\n<\/span>Email: <\/strong><\/span>asegawa@rcbc.com<\/span><\/a><\/p>\n

List of Major Banks in the Philippines and Key Figures<\/b><\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bank & Contact Details<\/b><\/td>\nOrigin<\/b><\/td>\nNo. of Branches<\/b><\/td>\nMin. Deposit (New Account)<\/b><\/td>\nPrivate Bank<\/b><\/td>\nPersonal Savings Deposit (Interest)<\/b><\/td>\n<\/tr>\n
Asia United Bank Corporation<\/strong>
\n<\/span>\u260e 02-8-631-3333 \/ 02-8-638-6888<\/span><\/td>\n		Philippines<\/span><\/td>\n228<\/span><\/td>\nNot required<\/span><\/td>\nNone<\/span><\/td>\n0.125%<\/span><\/td>\n<\/tr>\n
Bank of Commerce
\n<\/strong>\u260e 02-8-982-6000\/ 02-7-214-8800<\/span><\/td>\n		Philippines<\/span><\/td>\n139<\/span><\/td>\nPhp 5,000<\/span><\/td>\nNone<\/span><\/td>\n0.13%<\/span><\/td>\n<\/tr>\n
Bank of<\/strong> Makati<\/strong>
\n<\/span>\u260e 02-8-889-0000<\/span><\/td>\n		Philippines<\/span><\/td>\n62<\/span><\/td>\nPhp 500<\/span><\/td>\nNone<\/span><\/td>\n0.75%<\/span><\/td>\n<\/tr>\n
Bank of the Philippine Islands<\/strong>
\n<\/span>\u260e 02-8-818 5541 to 48<\/span><\/td>\n		Philippines<\/span><\/td>\n800<\/span><\/td>\nPhp 3,000<\/span><\/td>\nYes<\/span><\/td>\n0.25%<\/span><\/td>\n<\/tr>\n
BDO Unibank, Inc.
\n<\/strong>\u260e 02-8-631-8000<\/span><\/td>\n		Philippines<\/span><\/td>\n1,168<\/span><\/td>\nPhp 5,000<\/span><\/td>\nYes<\/span><\/td>\n0.25%<\/span><\/td>\n<\/tr>\n
China Banking Corporation
\n<\/strong>\u260e 02-885-5888<\/span><\/td>\n		Philippines<\/span><\/td>\n620<\/span><\/td>\nPhp 2,000<\/span><\/td>\nYes<\/span><\/td>\n0.125%<\/span><\/td>\n<\/tr>\n
Citibank Philippines
\n<\/strong>\u260e 02-8-995-9999<\/span><\/td>\n		America<\/span><\/td>\n3<\/span><\/td>\nPhp 50,000<\/span><\/td>\nYes<\/span><\/td>\n0.1%<\/span><\/td>\n<\/tr>\n
Development Bank of the Philippines
\n<\/strong>\u260e 02-8-818-9511<\/span><\/td>\n		Philippines<\/span><\/td>\n127<\/span><\/td>\nPhp 500<\/span><\/td>\nNone<\/span><\/td>\n0.1%<\/span><\/td>\n<\/tr>\n
EastWest Banking Corporation<\/strong>
\n<\/span>\u260e 02-8-888-1700 \/ 02- 8-575-3888<\/span><\/td>\n		Philippines<\/span><\/td>\n447<\/span><\/td>\nPhp 2,000<\/span><\/td>\nNone<\/span><\/td>\n0.125%<\/span><\/td>\n<\/tr>\n
Land Bank of the Philippines<\/strong>
\n<\/span>\u260e 02-8-522-0000\/ 02-8-551-2200\/ 02-3-450-7001<\/span><\/td>\n		Philippines<\/span><\/td>\n365<\/span><\/td>\nPhp 500<\/span><\/td>\nNone<\/span><\/td>\n0.10%<\/span><\/td>\n<\/tr>\n
Maybank Philippines, Inc.<\/strong>
\n<\/span>\u260e 02-8-588-3888<\/span><\/td>\n		Malaysia<\/span><\/td>\n74<\/span><\/td>\nPhp 10,000<\/span><\/td>\nNone<\/span><\/td>\n0.25%<\/span><\/td>\n<\/tr>\n
Metrobank
\n<\/strong>\u260e 02-8-8700-700<\/span><\/td>\n		Philippines<\/span><\/td>\n950<\/span><\/td>\nPhp 10, 000<\/span><\/td>\nYes<\/span><\/td>\n0.250%<\/span><\/td>\n<\/tr>\n
Philippine National Bank
\n<\/strong>\u260e 02-8-573-8888<\/span><\/td>\n		Philippines<\/span><\/td>\n712<\/span><\/td>\nPhp 3,000<\/span><\/td>\nNone<\/span><\/td>\n0.10%<\/span><\/td>\n<\/tr>\n
RCBC
\n<\/strong>\u260e 02-8-877-7222<\/span><\/td>\n		Philippines<\/span><\/td>\n332<\/span><\/td>\nPhp 3,000<\/span><\/td>\nYes<\/span><\/td>\n0.15%<\/span><\/td>\n<\/tr>\n
Robinsons Bank Corporation
\n<\/strong>\u260e 02-8-637-2273<\/span><\/td>\n		Philippines<\/span><\/td>\n146<\/span><\/td>\nPhp 100<\/span><\/td>\nNone<\/span><\/td>\n0.1%<\/span><\/td>\n<\/tr>\n
Security Bank Corporation
\n<\/strong>\u260e 02-8-867-6788 \/ 02-8-887-9188<\/span><\/td>\n		Philippines<\/span><\/td>\n305<\/span><\/td>\nPhp 5,000<\/span><\/td>\nYes<\/span><\/td>\n0.1%<\/span><\/td>\n<\/tr>\n
Union Bank of the Philippines
\n<\/strong>\u260e 02-7-906 3817<\/span><\/td>\n		Philippines<\/span><\/td>\n111<\/span><\/td>\nPhp 500<\/span><\/td>\nYes<\/span><\/td>\n0.1%<\/span><\/td>\n<\/tr>\n
United Coconut Planters Bank
\n<\/strong>\u260e 02-8-811-9000<\/span><\/td>\n		Philippines<\/span><\/td>\n188<\/span><\/td>\nPhp 2,000<\/span><\/td>\nNone<\/span><\/td>\n0.25%<\/span><\/td>\n<\/tr>\n
The banks listed above deal with both corporations and individuals. Information on the listed banks were disclosed by Bangko Sentral ng Pilipinas. In addition, the total assets found in the table were calculated from the balance sheet issued by the Bangko Sentral ng Pilipinas in June 2019, while other gures were either calculated from the websites of each bank or retrieved through a survey via phone call (as of November 12, 2019).<\/span><\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Glossary<\/b><\/span><\/p>\n

A <\/span>Private bank<\/b> offers financial services for wealthy individuals such as asset owners and corporate owners; a bank with a dedicated staff who comprehensively manages assets according to customer asset conditions and life plans.<\/span><\/p>\n

The <\/span>Capital Ratio<\/b> is where the capital (total assets) held by a bank that can be broadly divided into two categories: \u201cequity\u201d and \u201cmoney borrowed from others.\u201d\u00a0<\/span><\/p>\n

Equity capital<\/b> means the money (capital) that a bank has issued and has raised its own shares.<\/span><\/p>\n

Accumulated profits<\/b>, also called<\/span> retained earnings<\/b>, refers to the percentage of net profits that are accumulated and used for reinvestment purposes. These can also be used to pay down debts rather than being paid out in dividends. The accumulated profit is often used by corporations to invest in areas that will create growth opportunities.\u00a0<\/span><\/p>\n

Equity ratio <\/b>refers to the ratio of equity to total assets. It is said that the higher the value is, the healthier the management is, and it is used as one of the indicators of a management\u2019s status.<\/span><\/p>\n

Tips<\/b><\/span><\/p>\n

    \n
  1. Partner with a bank that meets your needs. If you are a busy bee, it’s best to choose a bank that gives you easy access to ATM around you- whether in malls, near your house or office.\u00a0<\/span><\/li>\n
  2. Put safety and privacy first. Choose a bank that immediately notifies via e-mail or text should there be any suspicious activity on your account and gives speedy action towards it.<\/span><\/li>\n
  3. According to Moneymax, make sure that your chosen bank is a member of the Philippine Deposit Insurance Corporation (PDIC) to ensure a maximum of P500,000 deposit insurance coverage.<\/span><\/li>\n
  4. Do not be afraid to consult a bank representative should you have any questions or clarifications before you sign anything with your chosen bank.\u00a0<\/span><\/li>\n
  5. When making online bank transactions, secure your phones and\/or computer by making sure to have an updated anti-virus software. Also, keep your firewall up to keep your data private.<\/span><\/li>\n<\/ol>\n

    In all, it\u2019s important to choose a bank that will meet your needs and fit your lifestyle. While there are many things to consider, your security and privacy are the most important. Talk to your chosen bank\/s and choose the one that can best meet your needs.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    In this article, we give you a quick rundown of the best established banks in the Philippines as well as some important tips to consider before signing with your chosen bank.<\/p>\n","protected":false},"author":7,"featured_media":67602,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15752],"tags":[],"class_list":["post-67601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"acf":[],"jetpack_featured_media_url":"https:\/\/primer.com.ph\/blog\/wp-content\/uploads\/sites\/14\/2022\/09\/BanksFeatured.jpg","_links":{"self":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/67601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/comments?post=67601"}],"version-history":[{"count":1,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/67601\/revisions"}],"predecessor-version":[{"id":67603,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/posts\/67601\/revisions\/67603"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/media\/67602"}],"wp:attachment":[{"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/media?parent=67601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/categories?post=67601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/primer.com.ph\/blog\/wp-json\/wp\/v2\/tags?post=67601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}