Top 10 Banks in the Philippines in Term of Deposits (2024)

Choosing the right bank in the Philippines is crucial for managing your finances. A bank’s total deposits often reflect its financial strength, market share, and customer trust. This guide unveils the top 10 biggest banks in the Philippines in terms of deposits, offering valuable insights into the country’s banking landscape.

Understanding Bank Deposits

Bank deposits refer to the money customers place with a bank for safekeeping and potential interest earnings. These deposits are a major source of funds for banks, allowing them to provide loans and other financial services. Larger total deposits generally signify a bank’s stability and the public’s confidence in its operations.

Top 10 Banks in the Philippines in term of Deposits

Here’s the ranking of the top 10 most prominent banks in the Philippines based on their total deposit liabilities, with approximate figures:

1. BDO Unibank (BDO): With over 3,200+ billion pesos in deposits, BDO Unibank holds the top position in the Philippine banking sector. BDO’s extensive branch network, diverse product offerings, and strong reputation contribute to its dominance.

2. Metropolitan Bank & Trust Co. (Metrobank): Metrobank follows closely with around 2,200+ billion pesos in deposits. It’s known for its wide range of financial solutions, robust business banking services, and international presence.

3. Land Bank of the Philippines (Landbank): This government-owned bank boasts roughly 2,100+ billion pesos in deposits. Landbank plays a significant role in supporting agricultural development and providing accessible banking services across the country.

4. Bank of the Philippine Islands (BPI): One of the oldest banks in the Philippines, BPI, holds approximately 2,000+ billion pesos in deposits. BPI offers a comprehensive suite of banking products for individuals and businesses, including investment banking services.

5. Security Bank Corporation (Security Bank): Security Bank, with about 800+ billion pesos in deposits, is recognized for its customer-centric approach, innovative digital banking platforms, and focus on the SME market.

6. China Banking Corporation (Chinabank): Chinabank holds approximately 700+ billion pesos in deposits and is known for its strong ties with the Filipino-Chinese business community and its range of trade finance solutions.

7. Philippine National Bank (PNB): Around 800+ billion pesos in deposits puts PNB among the top banks. It caters to a broad customer base and offers services from retail banking to government financing.

8. Rizal Commercial Banking Corporation (RCBC): With approximately 600+ billion pesos in deposits, RCBC offers a mix of consumer and corporate banking services, with a growing focus on digital banking.

9. Union Bank of the Philippines (UnionBank): UnionBank holds an estimated 600+ billion pesos in deposits, and is lauded for its digital transformation initiatives and tech-driven banking solutions.

10. Development Bank of the Philippines (DBP): This state-owned bank, with about 500+ billion pesos in deposits, plays a significant role in providing infrastructure and development financing.

Choosing the Right Bank for You

While deposits indicate a bank’s size and financial standing, consider several other factors when selecting the right bank:

• Interest Rates: Compare deposit and savings account interest rates.
• Fees and Charges: Evaluate service fees, ATM charges, and other potential costs.
• Branch and ATM Network: Choose a bank with convenient locations and accessibility.
• Online and Mobile Banking: Prioritize banks with robust and user-friendly digital platforms.
• Customer Service: Look for a bank with a reputation for excellent customer support.

Conclusion

Knowing the top 10 banks in the Philippines by deposits gives you a starting point when choosing a financial institution. Thoroughly research your options, compare offerings, and consider your financial needs to make the best possible decision for your money.