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 thrift banks in the Philippines

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

RANKBANKASSETS
MARCH BILLION       
2023 PESOS
 
 1Philippine Savings Bank (PSBank) 254.29 B
2Philippine Business Bank 135.63 B
 3China Bank Savings 132.68 B
 4City Savings 131.92 B
 5Bank of Makati  49.75 B
 6Sterling Bank  40.18 B
 7Producers Savings Bank  31.01 B
8BPI Direct Banko 27.26 B
9First Consolidated  24.85 B
10UCPB Savings  15.92 B
11HSBC Savings  14.74 B
12Wealth Development   11.47 B
13Malayan Savings Bank  10.58 B
141st Valley Bank  10.54 B
15CARD SME Bank   8.93 B
16Luzon Development Bank    6.26 B
17Citystate Savings   5.25 B
18AllBank   4.98 B
19Legazpi Savings Bank   4.96 B
20Bangko Kabayan 3.94 B
21Sun Savings Bank 3.32 B
22Queen City Development  3.00 B
23Yuanta Savings Bank   2.43 B
24Penbank   2.24 B
25Bank One Savings  1.91 B
26Dumaguete City Development   1.83 B
27Century Savings   1.68 B
28Rizal Micro Bank   1.62 B
29Isla Bank  1.42 B
30Hiyas Banking  1.33 B
31LOLC Bank Philippines   1.33 B
32Pacific Ace Savings Bank   1.15 B
33Makiling Development Bank   1.07 B
34Northpoint Development Bank   1.06 B

35th to 42nd: Million-Peso Thrift Banks

35University Savings Bank768.6 M
36Pampanga Development Bank712.9 M
37Bataan Development Bank541.4 M
38Cordillera Savings Bank468.3 M
39Life Savings Bank335.7 M
40Phil Star Development Bank234.7 M
41Lemery Savings and Loan Bank229.8 M
42Quezon 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.

Top Thrift Banks in the Philippines, based on total assets as of September 2018:

RANKBANKASSETS
SEP BILLION       
2018 PESOS
 
 1BPI Family266.356
 2PSBank229.041
 3RCBC Savings 122.647
 4Philippine Business Bank 95.947
 5China Bank Savings 92.957
 6City Savings 75.445
 7PNB Savings 59.362
 8Sterling Bank 40.361
 9Bank of Makati 34.218
10UCPB Savings 18.408
11First Consolidated 18.199
12Producers Savings Bank 17.170
13BPI Direct Banko 15.251
14HSBC Savings 13.993
15PR Savings 11.771
16Overseas Filipino Bank  9.675
17Wealth Development  9.442
181st Valley Bank  8.761
19Malayan Bank Savings  8.513
20Equicom Savings  8.421
21CARD SME Bank  5.995
22Citystate Savings  3.930
23Bangko Kabayan  2.974
24Penbank  2.733
25AllBank  2.710
26Yuanta Savings Bank  2.695
27Enterprise Bank  2.369
28Queen City Development Bank  2.257
29Legazpi Savings Bank  2.231
30Bank One Savings  1.576
31Century Savings  1.509
32Merchants Savings  1.482
33Hiyas Banking  1.426
34Isla Bank  1.411
35Sun Savings Bank1.404
36Dumaguete City Development  1.281
37University Savings Bank1.013
 
  MILLION PESOS       
 
38Northpoint Development Bank665.66
39Farmers Savings and Loan Bank664.70
40Pampanga Development Bank497.74
41Metro Cebu Public Savings Bank480.30
42Bataan Development Bank438.37
43Pacific Ace Savings Bank425.99
44Cordillera Savings Bank421.79
45Business and Consumers Bank338.67
46Inter-Asia Development Bank338.49
47Life Savings Bank278.08
48Lemery Savings and Loan Bank242.47
49Phil Star Development Bank160.70
50Maritime Savings Bank153.91
51Quezon Coconut Bank94.76
Here’s a List of Savings Banks in the Philippines, arranged alphabetically, including the locations of their head offices.

Rankings of Smaller Savings Banks in the Philippines

top thrift banks in the Philippines

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