Updated July 2020
Here are the 6 government banks in the Philippines:
Four are universal banks and two are thrift banks.
Land Bank of the Philippines (Landbank)
LandBank Plaza Bldg.
1598 M. H. Del Pilar cor. Dr. J. Quintos St.
Malate, Manila 1004
– No. of Offices: 370
– Founded in 1963
– Became a universal bank in 1973
Development Bank of the Philippines (DBP)
Gil Puyat Avenue corner Makati Avenue
– No. of Offices: 113
– Started as Agricultural and Industrial Bank in 1939
– Renamed Development Bank of the Philippines in 1958
– Became a universal bank in 1995
Al-Amanah Islamic Investment Bank of the Philippines
PHIDCO A. Building
Veterans Avenue, Zamboanga City
4th Floor Development Bank of the Philippines
Gil Puyat Avenue corner Makati Avenue
Makati City 1200
No. of Offices: 9
– Started in 1973 as Philippine Amanah Bank
– Renamed Al-Amanah Islamic Investment Bank of the Philippines in 1990
– Only bank authorized to operate under Islamic banking concepts
– Owned and controlled by the Development Bank of the Philippines
Overseas Filipino Bank, A Savings Bank of LandBank (OFBank)
(formerly Philippine Postal Savings Bank)
Postbank Center, Liwasang Bonifacio, 1000 Manila
– Phone: 527-0040 / 527-3377
– Trunkline: 527-0053
– Number of offices: 31
– wholly-owned thrift bank subsidiary of LandBank
– was ceremonially launched by Pres. Duterte on January 18, 2018
– was created in September 2017 when Pres. Rodrigo Duterte issued Executive Order No. 44 approving the acquisition of the Philippine Postal Savings Bank by Landbank and conversion into Overseas Filipino Bank.
United Coconut Planters Bank (UCPB)
– became a universal bank in 1981
UCPB Corporate Offices, 7907 Makati Avenue
Makati City 0728
No. of Offices: 188
Trunkline: (632) 811-9000 / local 1000 to 1002
Fax: (632) 811-9062
UCPB Savings Bank
18/F UCPB Bldg., Makati Avenue, Makati City 0728
No. of Offices: 64
Does the government really own UCPB?
In July 2020, the Department of Finance announced that the government increased its ownership of UCPB to 97%. It did this by converting into special preferred shares the 12-billion-peso loan that the PDIC granted to UCPB in 2003, which was later converted into capital notes in 2009.
Prior to this announcement, the government owned 73.9%% of UCPB. After years of court battles regarding UCPB ownership, the Supreme Court ruled with finality in 2013 that the Philippine government owns 72.2% of UCPB.
According to UCPB’s 2018 annual report, it became a Government-Owned and Controlled Corporation (GOCC) in March 2018. It’s also a state depository bank.
Initially, the government did not plan to operate UCPB as a government bank, despite the huge amounts of money it has poured into it over the years to save it. It has been working with the Department of Finance on its privatization. But in August 2019, Finance Secretary Carlos Dominguez III announced his plan of exploring ways to recoup the billions of pesos that the government has spent maintaining UCPB over the years. And it most probably not through privatization.
UCPB was originally First United Bank (FUB). It was renamed United Coconut Planters Bank (UCPB) in 1975 after 72.2% of it was purchased by a government agency, the Philippine Coconut Authority (PCA), using coconut levy funds. These funds were taxes collected from coconut farmers from 1972 to 1982.
Isn’t Union Bank one of the government banks in the Philippines?
No. But the government-owned corporation SSS owns 13.99% of Union Bank.
What is Union Bank’s relationship with the SSS?
SSS is one of the 3 biggest shareholders of Union Bank. SSS, a government owned and controlled corporation (GOCC), owns 13.99% of Union Bank, as of June 2018.
Is Philippine National Bank (PNB) a Government Bank?
The Philippine National Bank (PNB) was created as a government bank in 1916, but it started getting privatized in 1989 when its stocks were listed in the stock exchange.
In 1996, PNB became a private bank when the government’s ownership was reduced to 46%.
In 1999, a group led by Lucio Tan acquired 35% of the bank and increased its ownership to 69.32% in 2000. It further increased its ownership to 77.43% in 2005.
In 2007, the government sold all its remaining shares in PNB to the public.
hello i am maried in phillipines 09/09/2014 but im living in spain but i need to open acount in phillipines for saving for my family and buy one home and business plees i need open acount helpe me plees thanku
You have to go here in Philippines for you to open an account. Personal appearance is the first requirement.
Opening a Philippine-based account abroad: Yes, you're right, it should be here in the Philippines. If abroad, it should be at the offices of Philippine bank branches and representative offices offering assistance in opening Philippine-based accounts abroad.
Gooday po,can i open dollar account in Landbank?i’m OFW po.thank you
Hi Peegy, yes, puede. Ang initial deposit is $100. Merong $5 per month na maintenance fee. Pero kung gusto mong wala kang babayaran na $5 per month, mag-maintain ka ng $500 sa account mo — ibig sabihin ang balance ng account mo every day ay at least $500. Bring your passport and other IDs, plus kung meron ka, proof of address like meralco or other bills.
Hello, Ma’am confuse lang po ako, pano po madistinguish ang banks dito sa Philippines into Public and Private? Ang mga commercial banks po ba like BDO, BPI are the privately owned?
Hi Ryan, merong 3 meanings ng “private” related sa banking: 1. privately-owned (meaning owned by the private sector, and not by the government), 2. private bank (privately-owned bank that manages money for wealthy people like BDO Private Bank) and 3. private (owned and funded by the bank’s founders or managers and not by public stockholders). Yes, BDO, BPI, Metrobank and PNB are universal banks that are privately-owned. Universal banks are allowed to do more than commercial banks. There are now only 3 government-owned banks (Landbank, DBP, and Al Amanah Islamic Bank). OFBank is also a government bank, but it’s a subsidiary of Landbank. UCBP is now being merged into Landbank. UCBP Savings is now a subsidiary of Landbank. You can explore lists of banks.
Mam, are there banks that are not government owned/controlled but classified as public company? Thank you so much for your response mam and sorry for the inconvenience.
Hi Ryan, yes, based on the Philippine Stock Exchange list, there are 16 banks that are public companies: Asia United Bank, BDO, BankCom, BPI, China Bank, Citystate Savings, EastWest, Metrobank, Phil Business, PBCom, PNB, PSBank, Philtrust, RCBC, Security Bank, UnionBank
I want to open an account in Philippines Bank
what is the procedure . I am medical student
studying in manila kindly know the details
Hi Joycs, you can open an account in most banks in the Philippines. It’s good to choose a bank branch nearest your school or your residence, and/or has an ATM inside your campus. For foreign nationals, most banks need these: Passport, Alien Certificate of Registration issued by the Bureau of Immigration, PhilID if you’re already a resident alient, school ID with registration card (where they see you’re currently enrolled), and/or proof of address (rental contract, or phone bill). Tell them you need a bank account to receive your allowance or financial support from abroad. Banks with a lot of ATMs are BDO and BPI.
To open an account what are the documents required and what is the minimum balance required