Last Updated on October 26, 2026 by admin
The Philippines has a diverse banking industry that supports personal finance, business development, international trade and economic growth. Banks provide essential services, including savings accounts, current accounts, personal loans, mortgages, credit cards, business financing, remittances and digital payments.
The country’s banking system includes large domestic commercial banks, foreign banking institutions, government-owned banks, thrift banks, rural banks, cooperative banks and digital banking providers. Each category serves different customers, from individuals managing everyday expenses to businesses seeking financing and rural communities requiring access to financial services.
The Bangko Sentral ng Pilipinas (BSP) is the country’s central bank and the primary regulator of banks. It classifies banks into seven categories: universal banks, commercial banks, thrift banks, rural banks, cooperative banks, Islamic banks and digital banks.
This guide explores the major banks in the Philippines, provides lists of notable banking institutions and explains how the country’s banking regulatory system operates.
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Major Local Banks in the Philippines
Several domestic banks have established extensive branch networks and digital banking platforms throughout the Philippines. These institutions provide financial services to individuals, households, small businesses and large corporations.
1. BDO Unibank, Inc.
BDO Unibank is one of the country’s largest banks by assets. It offers savings accounts, checking accounts, personal loans, home loans, credit cards, business financing and investment services.
Its extensive banking network supports customers across the Philippines, while its digital services enable account management and electronic payments.
2. Bank of the Philippine Islands (BPI)
The Bank of the Philippine Islands is one of the Philippines’ oldest banking institutions. It provides personal banking, business financing, mortgages, savings products, investment services and digital banking facilities.
BPI serves individual customers, entrepreneurs, corporations and institutional clients.
3. Metropolitan Bank & Trust Company (Metrobank)
Metrobank is a major domestic financial institution offering personal and commercial banking services. Its products include savings accounts, loans, credit cards, corporate financing and investment-related services.
The bank supports both domestic customers and businesses involved in international transactions.
4. China Banking Corporation (China Bank)
China Banking Corporation, commonly called China Bank, provides consumer banking, commercial lending, savings products and corporate financial services.
It also operates through associated banking businesses, including China Bank Savings, which focuses on thrift banking services.
5. Philippine National Bank (PNB)
The Philippine National Bank offers personal banking, savings accounts, loans, remittance services and corporate banking products.
Its services are particularly relevant to customers who need domestic banking facilities and international remittance options.
6. Rizal Commercial Banking Corporation (RCBC)
RCBC provides retail banking, commercial lending, credit cards, wealth management and digital financial services.
It serves individuals and businesses through physical banking facilities and electronic channels.
7. Security Bank Corporation
Security Bank provides personal accounts, savings products, mortgages, business loans, credit cards and corporate banking services.
Its banking operations serve households, small businesses and larger organisations.
8. Union Bank of the Philippines
UnionBank offers traditional banking products alongside digital financial services. Its services include deposits, loans, credit cards, business banking and electronic payments.
The bank has invested in digital technology to make banking more accessible through online and mobile platforms.
Other notable domestic banking institutions include Philippine Bank of Communications (PBCOM), Philippine Trust Company (Philtrust Bank), Philippine Business Bank and Philippine Veterans Bank.
Foreign Banks Operating in the Philippines
Foreign banks contribute to the Philippine economy by providing international banking services, corporate financing, trade finance and cross-border payment facilities.
Some international institutions maintain branches in the Philippines, while others operate through locally incorporated subsidiaries or specialised financial businesses.
Notable foreign banking institutions and international banking groups associated with the Philippine market include:
- Citibank, N.A. — an international banking institution historically active in the Philippine market. Its former consumer banking business in the Philippines was acquired by UnionBank, while other operations have continued under different arrangements.
- The Hongkong and Shanghai Banking Corporation (HSBC) — provides international banking, commercial banking and financial services.
- Standard Chartered Bank — serves corporate and institutional customers and offers international banking services.
- Bank of America — participates in international financial markets and corporate banking.
- Deutsche Bank — provides specialised financial services associated with international banking and capital markets.
- Maybank Philippines, Inc. — part of Malaysia’s Maybank Group, offering personal and business banking.
- Bank of China — supports banking activities connected with China and international commerce.
- Industrial and Commercial Bank of China (ICBC) — an international banking group with activities associated with corporate finance and international transactions.
- CTBC Bank — a Taiwanese banking group serving customers and businesses in several markets.
- MUFG Bank — a Japanese banking institution with international corporate banking operations.
The precise legal status and permitted activities of foreign banks vary. Readers should consult the BSP’s current directory to confirm whether an institution operates through a Philippine branch, a locally incorporated bank or another type of financial entity.
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Government-Owned Banks in the Philippines
Government-owned banks play an important role in national development, public finance and financial inclusion. They provide banking services to government agencies, businesses, farmers, public-sector employees and individual customers.
1. Land Bank of the Philippines
The Land Bank of the Philippines, commonly known as LANDBANK, is a government-owned financial institution with a strong role in agricultural and rural development.
It provides deposits, loans, payment services and financing for farmers, agribusinesses, local government units and government agencies.
The bank also supports public-sector programmes and financial inclusion initiatives.
2. Development Bank of the Philippines (DBP)
The Development Bank of the Philippines is a government-owned development financial institution.
Its financing activities support infrastructure, public services, businesses and projects intended to contribute to economic development.
DBP also provides banking services to eligible corporate and institutional customers.
3. Overseas Filipino Bank (OFBank)
Overseas Filipino Bank is associated with LANDBANK and provides digital banking services intended to support Filipinos working or living overseas and other eligible customers.
Its services include digital account access and financial transactions that can help customers manage their money remotely.
These institutions differ from privately owned commercial banks because their mandates include development objectives and support for public programmes.
List of Savings and Thrift Banks in the Philippines
Thrift banks serve individuals, households and smaller businesses through deposits, consumer loans, mortgages and other financial products.
Examples of thrift banks and related institutions in the Philippine banking sector include:
- AllBank, Inc.
- Bank of Makati
- Bank One Savings Corporation
- BPI Direct BanKo, Inc.
- CARD SME Bank, Inc.
- Century Savings Bank Corporation
- China Bank Savings, Inc.
- City Savings Bank, Inc.
- Citystate Savings Bank, Inc.
- Cordillera Savings Bank, Inc.
- Equicom Savings Bank, Inc.
- First Consolidated Bank, Inc.
- Hiyas Banking Corporation
- Isla Bank, Inc.
- Legazpi Savings Bank, Inc.
- Lemery Savings and Loan Bank, Inc.
- Life Savings Bank, Inc.
- LOLC Bank Philippines, Inc.
- Luzon Development Bank
- Makiling Development Bank Corporation
- Malayan Savings Bank, Inc.
- Northpoint Development Bank, Inc.
- Pampanga Development Bank
- PenBank, Inc.
- Philippine Business Bank
- Philippine Savings Bank
- Philippine Star Development Bank, Inc.
- Producers Savings Bank Corporation
- Queen City Development Bank
- Sterling Bank of Asia, Inc.
- Sun Savings Bank, Inc.
- University Savings Bank, Inc.
- Wealth Development Bank Corporation
- Yuanta Savings Bank Philippines, Inc.
This is a selection of institutions associated with the thrift banking sector, not a guarantee that every institution remains active under the same name. The BSP’s current directory should be used to confirm registration and operating status.
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Digital Banks in the Philippines
Digital banks allow customers to access banking services primarily through electronic channels instead of relying on traditional branches.
The BSP previously licensed six digital banks and reopened applications for additional licences beginning in January 2025. Its policy allows for a maximum of ten digital banks under the applicable framework.
The six established digital banking names are:
- GoTyme Bank — provides digital banking services, including savings and payment facilities.
- Maya Bank — offers digital banking products through the Maya financial services platform.
- Overseas Filipino Bank (OFBank) — provides digital banking services associated with LANDBANK.
- Tonik Digital Bank — offers app-based savings and lending products.
- UnionDigital Bank — provides digital financial services associated with UnionBank.
- UNO Digital Bank — offers mobile-based banking and savings products.
Digital banks can provide convenient account opening, electronic payments and remote access to banking services. However, customers should compare interest rates, account conditions, transaction limits and customer support before selecting a provider.
A financial technology company is not automatically a licensed bank. Customers should check the BSP register to confirm whether a provider is authorised to accept deposits as a bank.
Rural and Cooperative Banks in the Philippines
Rural and cooperative banks help extend financial services beyond major urban centres. They are particularly important to agricultural communities, local businesses, microenterprises and individuals who may have limited access to large commercial banks.
Rural banks commonly provide savings accounts, small business loans, agricultural financing and other basic banking services. Cooperative banks may serve members and communities through cooperative financial arrangements.
Examples of rural and cooperative banking institutions include:
- 1st Valley Bank, Inc.
- Agribusiness Banking Corporation
- AllBank, Inc.
- Aliaga Farmers Rural Bank, Inc.
- ARDCI Bank, Inc.
- AuroraBank
- Balanga Rural Bank, Inc.
- Banco Dipolog
- Banco Mabuhay
- Banco Mexico, Inc.
- Bankways, Inc.
- BDO Network Bank, Inc.
- BOF, Inc.
- Cagsawa Rural Bank, Inc.
- Camalig Bank, Inc.
- Cantilan Bank, Inc.
- CARD Bank, Inc.
- Cebuana Lhuillier Rural Bank, Inc.
- Community Rural Bank of Catmon (Cebu), Inc.
- Community Rural Bank of Dapitan City, Inc.
- Cooperative Bank of Bohol
- Cooperative Bank of Cotabato
- Cooperative Bank of Nueva Vizcaya
- Cooperative Bank of Quezon Province
- Country Builders Bank, Inc.
- Dumaguete Rural Bank, Inc.
- EastWest Rural Bank, Inc.
- Entrepreneur Rural Bank, Inc.
- First Agro-Industrial Rural Bank, Inc.
- First Isabela Cooperative Bank
- First Tagum Rural Bank, Inc.
- GM Bank of Luzon, Inc.
- Guagua Rural Bank, Inc.
- Imus Rural Bank, Inc.
- Katipunan Bank, Inc.
- LifeBank
- Mactan Rural Bank (Lapu-Lapu City), Inc.
- Malarayat Rural Bank, Inc.
- Marayo Bank, Inc.
- Metro South Cooperative Bank
- New Rural Bank of San Leonardo (N.E.), Inc.
- Opportunity Kauswagan, Inc.
- Own Bank, The Rural Bank of Cavite City, Inc.
- PlanBank
- Quezon Capital Rural Bank, Inc.
- Rang-ay Bank, Inc.
- Rural Bank of Angeles, Inc.
- Rural Bank of Bagabag (N.V.), Inc.
- Rural Bank of Bambang (Nueva Vizcaya), Inc.
- Rural Bank of Barili (Cebu), Inc.
- Rural Bank of Bayombong, Inc.
- Rural Bank of Calbayog City, Inc.
- Rural Bank of Cauayan, Inc.
- Rural Bank of Digos, Inc.
- Rural Bank of General Trias, Inc.
- Rural Bank of Mabalacat, Inc.
- Rural Bank of Mangaldan
- Rural Bank of Pandi (Bulacan), Inc.
- Rural Bank of Paracale (Camarines Norte), Inc.
- Rural Bank of San Antonio, Inc.
- Rural Bank of San Mateo (Isabela), Inc.
- Rural Bank of Solano (Nueva Vizcaya), Inc.
- Rural Bank of Taal, Inc.
- Saviour Rural Bank, Inc.
- SeaBank Philippines, Inc.
- Sugbuanon Rural Bank, Inc.
- Summit Bank, Rural Bank of Tublay, Inc.
- Valiant Bank, Inc.
These names are drawn from the supplied list and are intended as examples, not a verified, exhaustive list of currently operating rural and cooperative banks. The BSP’s official directory is the appropriate source for checking current names, classifications and regulatory status.
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How Many Banks Are There in the Philippines?
The number depends on the date and the categories being counted.
According to BSP banking statistics updated on 16 June 2026, the Philippines had 139 BSP-supervised banks as of March 2026, comprising:
- 39 universal and commercial banks
- 29 thrift banks
- 65 rural and cooperative banks
- 6 digital banks
These figures total 139 banks. The BSP’s statistics group digital banks separately from universal and commercial banks, and the figures may change as institutions enter, merge, restructure or leave the banking sector.
It is important to distinguish this official total from the number of names appearing in an online bank directory. A directory may include former names, subsidiaries, duplicate entries, financial technology brands or institutions that have changed their legal status.
Central Bank of the Philippines
The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Philippines. It is responsible for monetary policy, currency issuance, banking supervision and promoting the stability of the financial system.
The BSP monitors banks’ financial condition and compliance with applicable regulations. It also issues rules governing bank establishment, capital adequacy, risk management, consumer protection and other banking activities.
The central bank plays an important role in maintaining confidence in the Philippine peso and supporting the country’s payment systems.
Regulatory Bodies Overseeing the Philippine Banking Industry
Several institutions contribute to the regulation and oversight of financial services in the Philippines.
Bangko Sentral ng Pilipinas
The BSP is the primary prudential regulator of banks. It supervises their operations, issues banking regulations and monitors financial risks.
It also maintains official directories of supervised institutions, helping consumers verify whether a bank is authorised to operate.
Philippine Deposit Insurance Corporation
The Philippine Deposit Insurance Corporation (PDIC) protects eligible bank deposits if an insured bank closes.
The standard maximum deposit insurance coverage is ₱1 million per depositor, per bank, effective from 15 March 2025. Customers should consult the PDIC for the applicable coverage rules and exclusions.
Securities and Exchange Commission
The Securities and Exchange Commission (SEC) regulates corporations and securities-market activities within its jurisdiction.
Although it is not the primary regulator of banks, it oversees relevant financial and corporate activities involving securities, investment companies and other entities under its authority.
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Anti-Money Laundering Council
The Anti-Money Laundering Council (AMLC) is responsible for implementing the country’s anti-money laundering framework. It works to prevent and investigate money laundering and related financial crimes.
Banks have obligations to identify customers, monitor certain transactions and report suspicious activities in accordance with applicable laws.
Importance of Banks in the Philippine Economy
Banks support the Philippine economy by collecting savings, extending credit and facilitating payments. Their lending activities help households finance homes, businesses purchase equipment and farmers invest in agricultural production.
Large commercial banks provide extensive services to corporations and consumers, while rural and cooperative banks help reach smaller communities. Government-owned banks contribute to development programmes, agricultural finance and public-sector projects.
Digital banking has further expanded access to financial services by allowing customers to open eligible accounts, transfer funds and monitor transactions through mobile applications.
A well-regulated banking system is therefore important to economic growth, financial inclusion and public confidence.
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Conclusion
The Philippines has a diverse banking sector that includes major domestic commercial banks, foreign banking institutions, government-owned banks, thrift banks, rural and cooperative banks, and digital banks.
BDO Unibank, BPI, Metrobank, China Banking Corporation, Philippine National Bank, RCBC and Security Bank are among the country’s major domestic institutions. LANDBANK and the Development Bank of the Philippines perform important public and development-related functions, while digital providers such as Maya Bank, GoTyme Bank, Tonik and UnionDigital Bank offer additional ways to access financial services.
Rural and cooperative banks remain important for agricultural communities and smaller businesses, while foreign banks connect the Philippines with international financial markets.
The BSP oversees the banking system, the PDIC protects eligible deposits, and other regulatory bodies address securities regulation and financial crime.
Before opening an account, consumers should compare fees, interest rates, account features and accessibility. They should also verify a bank’s current registration and confirm the deposit insurance applicable to their funds.
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