Top Thrift Banks in the Philippines

The top thrift banks in the Philippines as of December 2019 are BPI Family Savings Bank and Philippine Savings Bank (PSBank). RCBC Savings Bank, which was the 3rd biggest in the past years, was merged into its parent bank, RCBC in July 2019.

Now, 3rd and 4th are Philippine Business Bank and China Bank’s subsidiary China Bank Savings.

Here are the top Philippine thrift banks, based on total assets as of December 2019:

Notes on Changes from previous ranking (see September 2018 ranking below):

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.

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SEPTEMBER 2018

Here are the top thrift banks in the Philippines, based on total assets as of September 2018:

Rankings of Smaller Savings Banks in the Philippines

top thrift banks in the Philippines