Offshore Banks in the Philippines

Updated August 2020

Offshore Banks in the Philippines are branches, subsidiaries, or affiliates of foreign banks authorized to do offshore banking in the Philippines.

Taiwan Cooperative Bank

They do foreign-currency banking transactions primarily with foreign banks, non-residents, other offshore banks and corporate and institutional clients.

They can lend to resident importers and exporters as long as the funds are remitted from abroad through the banking system.

They can open peso deposit accounts with domestic banks but only for meeting administrative and operating expenses and for paying the local beneficiaries or recipients of non-resident-company remittances coursed through the offshore banks’ correspondent banks abroad.

As of July 2019, there were two offshore banks in the Philippines.
Today, August 2, 2020, there’s only one offshore bank: Taiwan Cooperative Bank

Taiwan Cooperative Bank
26th Floor, Citibank Tower
8741 Paseo de Roxas Avenue
Makati City
No. of Offices: 1
Phone: 848-1949
Website: tcb-bank.com.tw/tcb/servicesloc/manila en.mht

Taiwan Cooperative Bank (TCB) is Taiwan’s 3rd biggest bank, with 294 domestic and overseas branches as of December 2019. In The Banker magazine’s ranking of global banking brands in 2020, TCB ranked 258th in the world.

For the fiscal year 2019, TCB had total assets of 3.5 trillion NT dollars and  15.996 billion NT dollars in net income. It had 2.898 trillion in deposits, which ranked second in Taiwan.

Reference: https://www.tcb-bank.com.tw/eng/Information%20Disclosure/Documents/AnnualReport/2019annual.pdf

The offshore banking unit that ceased operations in 2019 was the French international bank BNP Paribas. Its closure was noted by the BSP in its Circular Letter No. 2019-062, signed August 20, 2019. According to BNP Paribas, it started operating in the Philippines in 1975.

BNP Paribas
30th Floor, Philamlife Tower
8767 Paseo de Roxas Avenue
Makati City 1226
No. of Offices: 1
Website: bnpparibas.com.ph

According to its website, BNP Paribas offers:
. export finance
. loan syndication
. bond underwriting
. project finance
. aviation finance
. correspondent banking
. global trade banking
. interest rate, foreign currency and commodity hedging and derivatives

There was also another offshore bank that ceased operations in 2018:
J.P. Morgan International Finance, Ltd. stopped its operations as an offshore banking unit in the Philippines on February 22, 2018, as noted by the BSP in a circular letter in 2018.

Former office address:
30th Floor, Zuellig Building
Makati Avenue corner Paseo de Roxas
Makati City 1225
No. of Offices: 1
Phone: 885-7925

List of Foreign Banks in the Philippines 
Representative Offices in the Philippines

One Response

  1. donaltrump 06/20/2018

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