Top Thrift Banks in the Philippines

Updated July 14, 2023

The top thrift banks in the Philippines as of March 31, 2023, the latest published report, are Philippine Savings Bank (PSBank), Philippine Business Bank, China Bank Savings and City Savings Bank.

In the past, it was BPI Family Savings Bank that was the country’s biggest thrift bank, but it has been absorbed by its parent company, Bank of the Philippines Islands (BPI) in 2021.

RCBC Savings Bank, which was the 3rd biggest thrift bank in the past years, was merged into its parent bank, RCBC in July 2019.

Note that three of the Top Four thrift banks as of March 2023 are subsidiaries of three of the country’s biggest banks. Philippine Business Bank is a subsidiary of Metrobank, China Bank Savings is a subsidiary of China Bank and City Savings Bank is a subsidiary of Union Bank.

Top Philippine thrift banks, based on total assets as of March 31, 2023:

RANK	BANK	ASSETS
MARCH		BILLION
2023		PESOS

1	Philippine Savings Bank (PSBank)	254.29 B
2	Philippine Business Bank	135.63 B
3	China Bank Savings	132.68 B
4	City Savings	131.92 B
5	Bank of Makati	49.75 B
6	Sterling Bank	40.18 B
7	Producers Savings Bank	31.01 B
8	BPI Direct Banko	27.26 B
9	First Consolidated	24.85 B
10	UCPB Savings	15.92 B
11	HSBC Savings	14.74 B
12	Wealth Development	11.47 B
13	Malayan Savings Bank	10.58 B
14	1st Valley Bank	10.54 B
15	CARD SME Bank	8.93 B
16	Luzon Development Bank	6.26 B
17	Citystate Savings	5.25 B
18	AllBank	4.98 B
19	Legazpi Savings Bank	4.96 B
20	Bangko Kabayan	3.94 B
21	Sun Savings Bank	3.32 B
22	Queen City Development	3.00 B
23	Yuanta Savings Bank	2.43 B
24	Penbank	2.24 B
25	Bank One Savings	1.91 B
26	Dumaguete City Development	1.83 B
27	Century Savings	1.68 B
28	Rizal Micro Bank	1.62 B
29	Isla Bank	1.42 B
30	Hiyas Banking	1.33 B
31	LOLC Bank Philippines	1.33 B
32	Pacific Ace Savings Bank	1.15 B
33	Makiling Development Bank	1.07 B
34	Northpoint Development Bank	1.06 B

35th to 42nd: Million-Peso Thrift Banks

35	University Savings Bank	768.6 M
36	Pampanga Development Bank	712.9 M
37	Bataan Development Bank	541.4 M
38	Cordillera Savings Bank	468.3 M
39	Life Savings Bank	335.7 M
40	Phil Star Development Bank	234.7 M
41	Lemery Savings and Loan Bank	229.8 M
42	Quezon Coconut Bank	87.8 M

Data source: Bangko Sentral ng Pilipinas

Notable Changes Between March 2023 and March 2021

Overseas Filipino Bank (OFBank) is now operating as a Digital Bank, so it’s no longer in this list. It’s the first bank licensed by the BSP as Digital Bank.

The total assets of UCPB Savings dropped by 4.6 billion over the past year. Bakit kaya?

Pacific Ace Savings jumped up in raking from No. 40 to No. 32.

Equicom Savings and Enterprise Bank are no longer in the list.

Top Thrift Banks as of March 2021

1 BPI Family – 274.649 B
2 PSBank – 226.396 B
3 Philippine Business Bank – 119.588 B
4 China Bank Savings – 97.814 B
5 City Savings – 96.168 B
6 Bank of Makati – 45.190 B
7 Sterling Bank – 40.029 B
8 Producers Savings Bank – 23.868 B
9 First Consolidated – 20.781 B
10 UCPB Savings – 20.535 B
11 BPI Direct Banko – 20.318 B
12 HSBC Savings – 14.253 B
13 Wealth Development – 12.736 B
14 Equicom Savings – 11.112 B
15 1st Valley Bank – 11.070 B
16 Malayan Bank Savings – 10.004 B
17 CARD SME Bank – 9.015 B
18 Luzon Development Bank – 6.305 B
19 AllBank – 5.092 B
20 Citystate Savings – 4.985 B
21 Overseas Filipino Bank – 3.658 B
22 Bangko Kabayan – 3.598 B
23 Yuanta Savings Bank – 3.368 B
24 Legazpi Savings Bank – 3.056 B
25 Penbank – 2.780 B
26 Queen City Development Bank – 2.656 B
27 Enterprise Bank – 2.304 B
28 Sun Savings Bank – 1.933 B
29 Bank One Savings – 1.655 B
30 Dumaguete City Development – 1.600 B
31 Rizal Micro Bank – 1.569 B
32 Century Savings – 1.466 B
33 Hiyas Banking – 1.391 B
34 Isla Bank – 1.388 B
35 Makiling Development Bank – 1.114 B
36 University Savings Bank – 1.050 B
37 Northpoint Development Bank – 925.72 M
38 Inter-Asia Development Bank – 804.66 M
39 Farmers Savings and Loan Bank – 711.35 M
40 Pacific Ace Savings Bank – 672.15 M
41 Pampanga Development Bank – 611.37 M
42 Bataan Development Bank – 520.17 M
43 Metro Cebu Public Savings Bank – 518.51 M
44 Cordillera Savings Bank – 499.90 M
45 Life Savings Bank – 336.20 M
46 Phil Star Development Bank – 249.43 M
47 Lemery Savings and Loan Bank – 234.07 M
48 Quezon Coconut Bank – 86.37 M

Notable Changes between March 2021 and Dec 2019

PNB Savings Bank has been absorbed by its parent company, Philippine National Bank.

Maritime Savings Bank is no longer in the PDIC list of thrift banks.

Overseas Filipino Bank (OFBank) became the first bank to get a digital bank license from the BSP.

Top Thrift Banks as of December 2019

1 BPI Family – 284.213 B
2 PSBank – 224.108 B
3 Philippine Business Bank – 113.978 B
4 China Bank Savings – 102.836 B
5 City Savings* – 76.795 B
6 PNB Savings – 59.871 B
7 Sterling Bank – 43.984 B
8 Bank of Makati – 40.158 B
9 Producers Savings Bank – 25.452 B
10 UCPB Savings – 20.977 B
11 First Consolidated – 19.283 B
12 BPI Direct Banko – 17.834 B
13 Wealth Development – 14.534 B
14 HSBC Savings – 13.885 B
15 Malayan Bank Savings – 10.627 B
16 Equicom Savings – 9.270 B
17 1st Valley Bank – 9.208 B
18 CARD SME Bank – 7.873 B
19 Luzon Development Bank* – 6.090 B
20 AllBank – 5.724 B
21 Overseas Filipino Bank* – 5.369 B
22 Citystate Savings – 4.139 B
23 Yuanta Savings Bank – 3.964 B
24 Bangko Kabayan – 3.247 B
25 Legazpi Savings Bank – 2.722 B
26 Penbank – 2.719 B
27 Queen City Development Bank – 2.377 B
28 Enterprise Bank – 2.254 B
29 Sun Savings Bank* – 2.082 B
30 Rizal Micro Bank* – 1.818 B
31 Bank One Savings – 1.591 B
32 Dumaguete City Development – 1.489 B
33 Hiyas Banking – 1.441 B
34 Century Savings – 1.428 B
35 Isla Bank – 1.389 B
36 Makiling Development Bank* – 1.093 B
37 University Savings Bank – 1.013 B
38 Northpoint Development Bank – 833.16 B
39 Farmers Savings and Loan Bank – 788.10 B
40 Inter-Asia Development Bank* – 616.49 B
41 Pampanga Development Bank – 590.18 B
42 Pacific Ace Savings Bank – 487.66 B
43 Bataan Development Bank – 466.26 B
44 Cordillera Savings Bank – 448.94 B
45 Life Savings Bank – 313.62 B
46 Lemery Savings and Loan Bank – 234.54 B
47 Phil Star Development Bank – 233.91 B
48 Maritime Savings Bank – 158.19 B
49 Quezon Coconut Bank – 89.11 B

Notes on Dec 2019 Ranking, compared to Sep 2018 ranking

RCBC Savings was merged into its parent, RCBC, in July 2019.

City Savings Bank, the Cebu-based thrift subsidiary of Union Bank of the Philippines, completed its acquisition of Philippine Resources Savings Bank Corp. (PR Savings Bank), based in Isabela, in March 2019. The share purchase agreement with ROPALI Group of Cos. was signed on December 29, 2017.

*The change of name of Merchants Savings and Loan Association, Inc. to Rizal Microbank, Inc. – A Thrift Bank of RCBC was authorized by the BSP on March 7, 2O19.

*Mount Makiling Rural Bank, Inc. has been authorized by the BSP to upgrade from a rural bank into a thrift (development) bank under the corporate name Makiling Development Bank Corp. (MDBC) in September 2019. MDBC will start as a thrift bank on September 20, 2019.

Sun Savings Bank increased its assets from 1.404 billion in Sep 2018 to 2.082 billion in Dec 2019, rising in ranking from No. 35 to No. 29. It now has 6 branches in Cebu, with the newest branch in Cebu Business Park. Its head office is in Cebu City.

Inter-Asia Development Bank‘s assets rose by a huge amount of 278 million from 338.49 in Sep 2018 to 616.49 in Dec 2019, and rose in ranking from No. 46 to No. 40.

Why kaya? Nag-invest pala sa Inter-Asia ang Sri Lankan bank, The LOLC Holdings PLC (LOLC), the largest non-banking financial conglomerate in Sri Lanka in September 2019. Inter-Asia is a thrift subsidiary of Tao Group of Companies, a diversified conglomerate founded by Julio D. Sy Jr., a native of Dumaguete City, Negros Oriental.

Metro Cebu Public Savings Bank (480.3 million, No. 41 in Sep 2018 ranking, why not in Dec 2019 ranking?)

Business and Consumers Bank (338.67 million, No. 45 in Sep 2018 ranking, why not in Dec 2019 ranking?)

Luzon Development Bank (No. 19 as of Dec 2019, but why not in Sep 2018 ranking below?)

Overseas Filipino Bank (OFBank) decreased in assets from 9.675 billion in Sep 2018 to 5.369 billion in Dec 2019. Bakit kaya? Nasaan yong 4.306 billion?

Doon sa General Information Sheet submitted to the SEC on October 22, 2019, nakasulat na ang Total Assets ng OFBank based on latest audited financial statements is 9,017,235,136.00.