Guide on the Commercial Banks in the Philippines and their Functions
COMMERCIAL BANKS IN THE PHILIPPINES – Listed below are the details about commercial banks and the list of this type of entities in the country.
There are several types of banks in the industry. One of the most popular is the Commercial Bank. This type of bank stands for the main purpose of providing financial services to the public. They also provide loans to businesses which are in need of financial assistance for growth and expansion.
The business loan offers of the Commercial Bank often caters to both big and small businesses in the country. Aside from deposit services and loans, this type of bank also usually offer basic investment products. It shares some goals with the Savings Banks in the Philippines.
There are several commercial banks in the Philippines. These entities have the so-called primary functions to the general public such as the following:
- accepting deposits
- advancing loans
- cheque for fund payments
- credit creation
- payment and collection of credit
- bullion trading
- purchase and selling of securities
- money remittance
- foreign exchange services
- locker facilities
- banking services for merchants
The Commercial Banks play a vital role in the balancing of the economy. It is eyed by the financial experts that if these banks don’t perform well, there is a huge chance that the economy of a country will collapse.
Under this type of bank, there are public sector banks, private sector banks, and foreign banks. Here is a list of the Commercial Banks in the Philippines as per Bangko Sentral ng Pilipinas (BSP):
- Al-Amanah Islamic Investment Bank of the Philippines*
- Asia United Bank Corporation (AUB)
- Australia and New Zealand Banking Group (ANZ)
- BDO Unibank, Inc.
- BDO Private Bank
- Prince Bank
- Bank of America, N.A.
- Bank of China – Manila Branch
- Bank of Commerce
- Bank of the Philippine Islands
- Bangkok Bank Co. Ltd.
- Cathay United Bank Co. Ltd. – Manila Branch
- Chang Hwa Commercial Bank LTD – Manila Branch
- China Banking Corporation (Chinabank)
- Chinatrust Philippines Commercial Bank Corporation (Chinatrust)
- CIMB Bank Philippines Inc.
- Citibank Philippines
- Development Bank of the Philippines (DBP, secondary government bank)*
- Deutsche Bank
- East West Banking Corporation (EastWest Bank)
- First Commercial Bank Manila
- Hua Nan Commercial Bank Ltd. Manila
- Industrial and Commercial Bank China Limited – Manila Branch
- Industrial Bank of Korea Manila Branch
- JPMorgan Chase & Co. (JPMorgan Chase)
- KEB Hana Bank – Manila Branch
- Land Bank of the Philippines (Landbank; LBP, main government bank)*
- Maybank Philippines, Inc.
- Mega International Commercial Bank Co. LTD
- Metropolitan Bank and Trust Company (Metrobank)
- Mizuho Bank, Ltd. Manila Branch
- MUFG Bank, Ltd.
- Philippine Bank of Communications (PBCom)
- Philippine National Bank (PNB)
- Philippine Trust Company (Philtrust Bank)
- Philippine Veterans Bank (Veterans Bank; PVB)
- Rizal Commercial Banking Corporation (RCBC)
- Robinsons Bank Corporation (RBank)
- Security Bank Corporation (Security Bank)
- Shinhan Bank – Manila Branch
- Standard Chartered Bank Philippines
- Sumitomo Mitsui Banking Corporation Manila Branch
- The Hongkong and Shanghai Banking Corporation Limited
- Tonik
- Union Bank of the Philippines, Inc. (Unionbank)
- United Overseas Bank Limited Manila Branch
Among the commercial banks listed by the BSP, the BDO Unibank has the biggest asset. On the other end of the spectrum, the commercial bank with the lowest asset, is the Al-Amanah Islamic Bank.