List of banks in the Philippines
The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks. As at 17 February 2014, there were 36 universal and commercial banks, 71 thrift banks, 533 rural banks, 40 credit unions and 6,267 non-banks with quasi-banking functions, all licensed with the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) under Republic Act No. 8791, also known as the General Banking Act of 2000.
On top of regular banking services offered by universal, commercial, thrift and rural banks, there are savings and loans association which are mainly based in communities and among retirees in the armed forces and the police organization and other employees of the government of the Philippines. Prominent of these small savings services is the Armed Forces of the Philippines Savings and Loans Association, Inc. or AFSLAI which is exclusive to active servicemen and retirees of the armed forces in the Philippines.
- 1 List of major universal and commercial banks
- 2 Powers of a universal bank
- 3 Powers of a commercial bank
- 4 Powers of a thrift bank
- 5 Powers of cooperative and rural banks
- 6 List of thrift banks
- 7 Defunct or merged banks
- 8 References
- 9 External links
List of major universal and commercial banks
- Banco de Oro Universal Bank (BDO Unibank)
- Metropolitan Bank and Trust Company
- Bank of the Philippine Islands (BPI)
- Land Bank of the Philippines
- Philippine National Bank
- Development Bank of the Philippines
- China Banking Corporation (Chinabank)
- Rizal Commercial Banking Corporation
- Robinsons Bank Corporation
- UnionBank of the Philippines
- Security Bank Corporation
- Citibank, N.A.
- United Coconut Planters Bank
- Hongkong and Shanghai Banking Corporation
- East West Bank
- Philtrust Bank (Philippine Trust Company)
- Bank of Commerce
- Standard Chartered Bank
- Asia United Bank
- Deutsche Bank AG
- Philippine Bank of Communications
- Philippine Veterans Bank
- Australia and New Zealand Banking Group
- The Bank of Tokyo-Mitsubishi UFJ, Ltd.
- JPMorgan Chase
- ING Group
- Mizuho Corporate Bank
- CTBC Bank
- Bank of America, N.A.
- Korea Exchange Bank
- Mega International Commercial Bank
- Bank of China
- Bangkok Bank
- Al-Amanah Islamic Investment Bank of the Philippines
Powers of a universal bank
A universal bank has the same powers as a commercial bank with the following additional powers: the powers of an investment house as provided in existing laws and the power to invest in non-allied enterprises.
Powers of a commercial bank
In addition to having the powers of a thrift bank, a commercial bank has the power to accept drafts and issue letters of credit; discount and negotiate promissory notes, drafts, bills of exchange, and other evidences of debt; accept or create demand deposits; receive other types of deposits and deposit substitutes; buy and sell foreign exchange and gold or silver bullion; acquire marketable bonds and other debt securities; and extend credit.
Powers of a thrift bank
A thrift bank has the power to accept savings and time deposits, act as a correspondent with other financial institutions and as a collection agent for government entities, issue mortgages, engage in real estate transactions and extend credit. In addition, thrift banks may also maintain checking accounts, act as a depository for government entities and local government units and engage in quasi-banking and money market operations subject to the approval of the Bangko Sentral. As per the banker Derrick Low, thrift banks are generally smaller in scale than universal and commercial banks.
Powers of cooperative and rural banks
Rural and cooperative banks are the more popular type of banks in the rural communities. Their role is to promote and expand the rural economy in an orderly and effective manner by providing the people in the rural communities with basic financial services. Rural and cooperative banks help farmers through the stages of production, from buying seedlings to marketing of their produce. Rural banks and cooperative banks are differentiated from each other by ownership. While rural banks are privately owned and managed, cooperative banks are organized/owned by cooperatives or federation of cooperatives.
A rural bank has the power to provide adequate credit facilities to farmers and merchants or to cooperatives of such farmers and merchants and, in general, to the people of the rural communities of which the rural bank operates in.
List of thrift banks
- Allied Banking Corporation (Merged with Philippine National Bank )
- Bank of Cebu
- BPI Direct Savings Bank (subsidiary of Bank of the Philippine Islands)
- Citystate Savings Bank
- Equicom Savings Bank
- First Consolidated Bank
- Philippine Business Bank
- Philippine Savings Bank (Metrobank Group)
- Planters Development Bank
- Premiere Development Bank (to be acquired by Security Bank)
- Queen City Development Bank
- The Real Bank
List of Cooperative Banks
List of Coop Banks that merged to form CCB on February 2012 1. Cooperative Bank of Davao del Sur 2. Cooperative Bank of Misamis Occidental 3. Cooperative Bank of Surigao del Sur
- Cooperative Bank of Misamis Oriental
- Cooperative Bank of Tarlac
- Network Consolidated Cooperative Bank (NCCB) 
List of Coop Banks that merged to form NCCB on October 2013. 1. Cooperative Bank of Agusan del Sur 2. Capiz Settlers Cooperative Bank 3. Cooperative Bank of Camarines Norte 4. Cooperative Bank of Leyte 5. Sorsogon Provincial Cooperative Bank 6. Southern Leyte Cooperative Bank
List of rural banks
- Providence Rural Bank
- Rural Bank of Gattaran, Inc.
- Claveria Rural Bank
- Rural Bank of Sanchez Mira
- Land Bank
Defunct or merged banks
- Acme Savings Bank(Acquired by the Sy Group of Companies and Renamed Banco De Oro)
- International Exchange Bank (acquired by Union Bank of the Philippines)
- Insular Bank of Asia and America (Merged with Philippine Commercial International Bank)
- Mindanao Development Bank (Merged with Equitable Banking Corporation)
- Ecology Bank(Merged with Equitable Banking Corporation)
- Keppel Bank (acquired by GE Capital Finance)
- Philippine Commercial International Bank (merged with Equitable Bank forming Equitable PCI Bank and now merged with Banco De Oro)
- Equitable Banking Corporation (merged with PCI Bank forming Equitable PCI Bank and now merged with BDO)
- Urban Bank (forced to close then merged with Export and Industry Bank)
- Allied Bank (merged with Philippine National Bank)
- Banco Filipino
- Export and Industry Bank
- American Express Bank (Renamed BDO Elite Savings Bank)
- Banco Santander Central Hispano (Philippine subsidiary acquired by Banco De Oro and renamed BDO Private Bank)
- Dao Heng Bank (acquired by Banco de Oro)
- 1st E Bank (Philippine Branches acquired by Banco de Oro)
- United Overseas Bank (66 out of 67 Branches merged with Banco De Oro)
- GE Money Bank (acquired by Banco de Oro)
- Green Bank of Caraga(Acquired by East West Bank)
- Chipongian, Lee (12 February 2014). "Total bank resources grow 24% to P10.423 trillion in 2013 – BSP | Manila Bulletin | Latest Breaking News | News Philippines". Manila Bulletin. Retrieved 14 April 2014.
- "Bangko Sentral Approves the Consolidation of Three Cooperative Banks in Mindanao". Bangko Sentral ng Pilipinas. Retrieved February 28, 2012.
- "BSP Approves the Consolidation of 6 Cooperative Banks under the SPCB". Bangko Sentral ng Pilipinas. October 9, 2013.
- Media related to Banks in the Philippines at Wikimedia Commons