Updated July 24, 2023
Philippine banking news today highlights the competition among 5 digital banks, 2 rural banks and 1 commercial bank!
8 banks! They’re giving out high interest rates and most are crediting interests daily!
On Philippine banking groups on Facebook, you can see account owners exchanging tips on which banks to deposit their money. They’re clearly monitoring the interest promos.
As of July 24, 2023, these are the annual interest rates for savings deposits:
SeaBank: 5%, interest credited daily, for balances up to 500k. 3% for balances above 500k.
GoTyme: 5%, with Rewards points-to-cash program
Maya: 4%, interest credited daily. Increase up to 10% if you use Maya to pay bills, etc.
Netbank Mobile: 4% interest credited daily; 5% for 6-month time deposit, 6% for 12-month time deposit
Tonik Bank: 4% annual interest rate for balances up to 2M; 6% for time deposit
Uno digital bank: 4.25% for deposits 5k and up; 3.5% for deposits below 5k, interest credited daily
6.5% for time deposits up to one year
Union digital bank: 3% below 5M; 4% 5M and above, computed daily and credited monthly
GSave of CIMB and GCash: 2.6%
Please go here –>> for news on Philippine bank mergers and acquisitions
Go here –>> for news on Philippine banks that have failed in 2023
Go here for Philippine bank failures in other years
Go here to see a list of changes in bank names in the Philippines from 2013 to 2023
Philippine Banking News in 2022
August 2022
August 1, 2022. GoTyme Bank Corp. started its operations as a digital bank in the Philippines on August 1, 2022. Its application to establish a digital bank was approved by the BSP on August 12, 2021. Its license to operate as a digital bank was signed by the BSP Governor on July 29, 2022. Circular Letter No. CL-2022-066
July 2022
July 18, 2022. UnionDigital Bank, Inc. started its operations as a digital bank in the Philippines on July 18, 2022. Its application to establish a digital bank was approved by the BSP on July 15, 2021. Its license as a digital bank was issued on July 12, 2022. It’s a wholly owned subsidiary of Union Bank of the Philippines. Circular Letter No. CL-2022-063
July 5, 2022. UNObank, Inc. started its operations as a digital bank in the Philippines on July 5, 2022. Its application to establish a digital bank was issued by the BSP on June 3, 2021. Its license to operate as a digital bank was signed by the BSP Governor on June 7, 2022. Circular Letter No. CL-2022-062
April 2022
April 20, 2022. Overseas Filipino Bank, Inc. A Savings Bank of Landbank started operating as a digital bank on April 20, 2022. Its application to convert from a thrift bank to a digital bank was approved by the BSP on March 25, 2021. Its license to operate as a digital bank was signed by the BSP Governor on April 18, 2022. Circular Letter No. CL-2022-044
March 2022
March 14, 2022. Maya Bank started its operations as a digital bank on March 14, 2022. Its application to establish a digital bank was approved by the BSP on September 16, 2021. Its license to operate as a digital bank was signed by the BSP Governor on March 4, 2022. Circular Letter No. CL-2022-032
February 2022
February 14, 2022. Tonik Digital Bank, Inc. started operating as a digital bank on February 14, 2022. Its application to convert from a rural bank to a digital bank was approved by the BSP on June 3, 2021. Its license to operate as a digital bank was issued by the BSP on February 11, 2022. Circular Letter No. CL-2022-023
October 2021
October 20, 2021. According to netbank.ph, Netbank (A Rural Bank), Inc. officially launched its operations with a rural banking license on October 20, 2021. But the original rural bank, Community Rural Bank of Romblon (Romblon), Inc. from which Netbank arose, has been in rural banking operations since 1973.
Based on BSP Circular Letter No. CL-2022-068, its application to change its corporate
name from Community Rural Bank of Romblon (Romblon), Inc. to Netbank (A
Rural Bank), Inc. was approved in 2022.
June 13, 2018
Taiwan-based bank Chang Hwa Commercial Bank, Ltd. has been authorized by the BSP to operate a commercial bank branch, Chang Hwa Commercial Bank, Ltd. – Manila Branch, in the Philippines on June 13, 2018. It started operations on July 9, 2018.
February 1, 2018
One Network Bank (A Rural Bank of BDO) has surrendered its trust license to the BSP and the BSP has approved it on February 1, 2018. This means One Network Bank will no longer conduct trust and other fiduciary business. Reference: BSP Circular Letter No. CL-2018-018
June 27, 2016
Asiatrust United Bank (AUB) plans to double its branch network. AUB is owned by Republic Biscuit Corp., Kuo Yu Philippines Holdings Corp., and Lambda Holdings Corp. It has 2 rural banking subsidiaries:
Rural Bank of Angeles, which it acquired in 2009, and Cavite United Rural Bank, which was formerly Cooperative Bank of Pampanga, acquired in 2012.
AUB also acquired the 28-branch savings bank Asiatrust Development Bank in 2012.
June 3, 2016
BDO Unibank Inc. has surrendered the banking and trust licenses of its inactive savings bank subsidiary Banco de Oro Savings Bank Inc. This bank is the former Citibank Savings Inc. which was acquired by BDO in 2013. The BSP approved the banking license revocation on March 31, 2016 and the trust and fiduciary license revocation on May 16, 2016.
The savings bank will be merged with another BDO Unibank subsidiary, BDO Capital and Investment Corp. Announced June 3, 2016.
June 1, 2016
The BSP has cancelled the registration of Philrem Service Corporation (Philrem) as a remittance agent, and Werquick Inc. and Peso Remittance Express as foreign exchange dealers/money changers/remittance agents due to significant violations of anti-money laundering regulations.
May 27, 2016
The rural banking license of Rural Bank of Kawit Inc. was deemed revoked after its assets and liabilites were acquired by Philippine Business Bank, Inc., A Savings Bank on February 1, 2016. Announced through a circular letter on May 27, 2016.
May 19, 2016
The BSP has approved the surrender and revocation of the trust and fiduciary license of JPMorgan Chase Bank NA Manila Branch. Noted by the BSP on May 19, 2016
March 3, 2016
Progress Savings and Loan Bank Inc. is no more. The bank requested for the revocation and cancellation of its banking license and BSP approved it on March 3, 2016. BSP Circular Letter No. CL-2016-022
January 4, 2016
United Overseas Bank Ltd. Manila Branch, a branch of Singapore-based bank UOB, started operating as a commercial bank in the Philippines on January 4, 2016. It was registered with the SEC on November 12, 2015. Certificate of Authority to Operate was given by the BSP on December 23, 2015.
Office address:
17th Floor, Pacific Star Bldg.,
Sen. Gil Puyat Ave., Cor. Makati Ave.,
Makati City.
Phone: (632) 548-6400
Email: info@uob.com.ph
January 2016
The savings bank United Overseas Bank Philippines (UOBP) ceased operations on January 1, 2016. Its request of turning from a thrift bank to a non-bank subsidiary named UOBP Collections, Inc. was approved by the BSP on August 20, 2015. UOBP Collections registered with the SEC on December 15, 2015.
UOBP was a subsidiary of Singapore-based United Overseas Bank Ltd., which started operating its commercial banking branch named United Overseas Bank Ltd. Manila Branch on January 4, 2016.
Philippine Banking News 2015
October 2015
The World Bank’s International Finance Corp. (IFC) invested in $75 million of RCBC‘s $320-million bond issuance. More than 100 local and international investors participated in this bond issuance.
October 19, 2015
A South Korean bank, Shinhan Bank Co. Ltd., has been authorized by the BSP on March 19, 2015 to establish a commercial bank in the Philippines. Shinhan Bank Manila Branch started its operations on October 19, 2015.
Office address:
21st Floor, Unit 1 and 2
RCBC Savings Bank Corporate Center
25th and 26th Streets, Bonifacio Global City
Taguig City
Website: shinhan.com.
Country head: Mr. Geon Woo Do
October 2, 2015
A Taiwanese bank, Cathay United Bank Co., Ltd., has been authorized by the BSP on April 8, 2015 to establish its branch in the Philippines. Cathay United Bank Co., Ltd. Manila Branch (CUB Manila Branch) has started operations as a commercial bank on October 2, 2015.
Office Address:
Unit 1, 15th Floor, Tower 6789
6789 Ayala Avenue
Makati City
Country Head: Mr. Keng-Yang Lin
Website: cathaybk.com.tw
August 20, 2015
BDO Elite Savings Bank, Inc. is no more. Its request for the cancellation of its banking and trust licenses has been approved by the BSP on August 20, 2015.
July 2015
July 4, 2015. There are now 5 foreign banks approved by the BSP to do business in the Philippines. They’re allowed to buy up to 100% of a Philippine bank, with restrictions on the share of assets held by all foreign banks in the Philippine banking system. The 5 banks are:
. Sumitomo Mitsui (Japan)
. Shinhan Bank (South Korea)
. Cathay United (Taiwan)
. Industrial Bank of Korea (South Korea)
. Yuanta Bank (Taiwan)
July 20, 2015. The Representative Office of the State Bank of India in the Philippines ceased its operations in the country in July 2015. Its cessation was noted by the BSP on July 30, 2015.
July 9, 2015. The license of GSIS Bayanihan Savings and Loan Association, Inc. to operate as a Non-Stock Savings and Loan Association (NSSLA) has been revoked by the BSP on July 9, 2015.
Taiwanese bank Yuanta Commercial Bank Co., Ltd. has acquired Korean-owned thrift bank Tong Yang Savings Bank Inc. Yuanta was the fifth foreign bank allowed to establish banking operations in the Philippines under the amended foreign banks law RA 10641 of 2014.
Tong Yang, a wholly-owned subsidiary of Yuanta Securities Korea Co. Ltd., started banking operations in the country in November 2007.
July 2, 2015. Philippine Business Bank, the country’s fourth biggest savings bank in terms of assets as of December 2014, has acquired Insular Savers Bank Inc., the rural bank that arose from the June 30, 2015 merger of Insular Rural Bank Inc. and Filipino Savers Bank Inc. (A Rural Bank).
July 1, 2015. The consolidation of the Rural Bank of Camalig (Albay) Inc. and the Rural Bank of Ocampo (Camarines Sur), Inc. into a new rural bank named Camalig Bank, lnc. (A Rural Bank) was authorized by the BSP on June 2, 2015. Camalig Bank started operating as a consolidated rural bank on July 1, 2015.
June 2015
June 20, 2015. Insular Rural Bank Inc. and Filipino Savers Bank Inc. (A Rural Bank) have merged to become a consolidated bank named Insular Savers Bank Inc. (A Rural Bank). Insular Savers started operating as a rural bank on June 1, 2015.
June 18, 2015. At least 12 foreign and local banks have expressed their intent to buy the Philippine government’s controlling stake in the United Coconut Planters Bank (UCPB). Among these are:
. Mitsubishi UFJ Financial Group Inc. of Japan
. BDO Unibank
. Philippine National Bank
. China Banking Corp.
. East West Banking Corp.
. Robinsons Bank
June 10, 2015. BDO will also now sell life insurance. It has acquired life insurance company Generali Pilipinas Life Assurance Company (GPLAC) and its parent company Generali Pilipinas Holdings Company Inc. (GPHC). GPLAC and GPHC will be renamed BDO Life Assurance Company Inc. and BDO Assurance Holdings Corp., respectively.
June 4, 2015. The request by BPI Card Finance Corp. for the cancellation of its quasi-banking license was approved by the BSP on June 4, 2015.
May 2015
May 10, 2015. Asia United Bank Corp. purchased all of the assets and liabilities of Asiatrust Development Bank on May 10, 2012.
May 6, 2015. Bangko Mabuhay (A Rural Bank), Inc. is the name of the rural bank formed from the merger of Rural Bank of Tanza (Cavite), Inc., also known as Bangko Mabuhay, and the Rural Bank of Teresa (Rizal). Bangko Mabuhay started operating as a consolidated rural bank on April 1, 2015.
April 2015
April 15, 2015. Bank of Makati (A Rural Bank) Inc. is now a Thrift Bank. Its new name is Bank of Makati (A Savings Bank) Inc. It started operating as a thrift bank on April 15, 2015.
March 2015
March 29, 2015. BDO Unibank Inc. has announced that its acquisition of One Network Bank, the biggest rural bank in the country, has been approved by the BSP. One Network Bank will continue to operate as an independent company.
March 19, 2015. The House bill to authorize the merger of the Development Bank of the Philippines (DBP) and LandBank has been approved by the House Committee on Banks and Financial Intermediaries. LandBank was proposed to be the surviving entity.
January 2015
January 30, 2015. The corporate name Allied Savings Bank has been changed to PNB Savings Bank.
Name change was authorized by the BSP on August 8, 2014.
References: Circular Letters on the BSP website and websites of Philippine banks