Top Thrift Banks in the Philippines

Updated September 18, 2021

The top thrift banks in the Philippines as of March 2021 are BPI Family Savings Bank and Philippine Savings Bank (PSBank). PSBank will soon take the top position. Bank of the Philippine Islands (BPI) has announced its absorption of BPI Family Savings Bank in January 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.

The next top positions will be occupied by Philippine Business Bank, China Bank’s subsidiary China Bank Savings and Union Bank’s subsidiary City Savings Bank.

Top Philippine thrift banks, based on total assets as of March 2021:

RANK	BANK	ASSETS
MARCH		BILLION
2021		PESOS

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

38th to Million-Peso Thrift Banks

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

Data source: Bangko Sentral ng Pilipinas

Notes on March 2021 Ranking, compared to Dec 2019 Ranking

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 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.