Here are lists of banks in the Philippines:
Thrift Banks or Savings Banks
Foreign Commercial Banks
Foreign Universal Banks
Foreign Commercial Banks (Subsidiaries)
Philippine Banks Overseas
Philippine Banks in the USA
What Are Universal Banks in the Philippines?
Universal banks do commercial banking and investment banking. They’re authorized to do more than what commercial banks are allowed to do. They’re authorized to perform the functions of investment houses and to invest in equities of non-allied enterprises. Commercial banks are only allowed to invest in equities of allied businesses.
Among all types of financial institutions in the country, they offer the widest scope of banking services.
The required minimum capitalization for a universal bank is 3 billion. That’s for a universal bank with head office only. It can have one to 10 branches if it has at least 6 billion in capital. More than 100 branches means a minimum capitalization of 20 billion.
What Are Commercial Banks?
Commercial banks do the following:
– accept demand deposits and other types of deposits
– accept drafts
– issue letters of credit
– discount and negotiate promissory notes, drafts, bills of exchange, other proofs of debt
– buy and sell foreign exchange, gold or silver bullion
– extend credit
– acquire marketable bonds and other debt securities
– invest in the equities of allied businesses
– purchase, hold and convey real estate
– receive funds, documents and valuable objects in custody
– act as agent in buying and selling shares and securities
– collect and pay in behalf of their customers
– act as managing agent, adviser, consultant or administrator of investment management/advisory/consultancy accounts
– rent out safety deposit boxes
The minimum capitalization for a commercial bank is 2 billion. The minimum capital to have one to 10 branches is 4 billion. More than 100 branches requires a minimum capital of 15 billion.
What Are Thrift Banks or Savings Banks?
Thrift banks are also called savings and mortgage banks, private development banks, stock savings and loan associations and microfinance thrift banks.
They collect savings from depositors and invest them.
Their customers are individuals, small businesses, and medium enterprises.
They provide short-term or long-term loans to businesses engaged in services, industry, agriculture, housing and diversified financial services.
The minimum capitalization for a thrift bank in the NCR is 500 million. Having one to ten branches requires a minimum capital of 750 million.
For a thrift bank outside the NCR, the minimum is 200 million. Having one to ten branches requires a minimum capital of 300 million.
What Are Rural Banks?
Rural banks are focused on serving rural communities. They provide basic banking services to farmers, fishermen, merchants, private and public employees and cooperatives. They extend loans and accept savings and time deposits.
They can also act as collection agent (like accepting SSS contributions and loan payments) and buy and sell foreign exchange.
What Are Cooperative Banks?
Cooperative banks have the same purposes as rural banks. They’re different from rural banks only in how they are owned. While rural banks are owned privately by individuals or entities, cooperative banks are organized and owned by cooperatives.
The minimum capitalization for a rural or cooperative bank in the NCR is 50 million. One to ten branches require a minimum capital of 75 million.
For a rural or cooperative bank outside the NCR and in a city or in a 1st to 3rd class municipality, the minimum is 20 million. One to ten branches require a minimum capital of 30 million.
If located in a 4th to 6th class municipality, the minimum is 10 million. One to ten branches require a minimum capital of 15 million.
Reference for definitions: Part One of the Manual of Regulations for Banks, December 2018, Bangko Sentral ng Pilipinas
Reference for minimum capitalization: Circular No. 854, Series of 2014, Minimum Capitalization of Banks, Bangko Sentral ng Pilipinas