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|admin 1 19-October-2011|
There are over six hundreds banks in the Philippines. They are competing in catering different kinds of market. While some banks are growing so fast and succeeded, some are also trying their best to penetrate the market but failed. That's why it's very critical to choose the banks you can depend and trust especially in times of financial crisis.
Here's a list of the most trusted banks in the Philippines. These banks survived for many years of financial economy cycles. Popular financial and business organizations outside the Philippines honored them with prestigious awards. These banks absorb the large market share in the Philippines.
1. BDO (Banco de Oro)
Regarded as the largest bank in the Philippines in terms of assets and deposits. BDO received numerous awards every year. In 2011, a leading financial publication, FinanceAsia awarded BDO Unibank, Inc. (BDO) as "The Philippines’ Best Bank", "Best Investment Bank", and "Best Private Bank".2. Metrobank
In 2011, Metrobank has reached the 2nd largest bank in the Philippines in terms of assets and deposits. A renowned global financial publication, Euromoney Asia awarded Metrobank as the "Best Bank in the Philippines" in 2010 and 2011. The other awards were Asiamoney's "Best Domestic Bank in the Philippines" and "Bank of the Year" from the Banker.3. BPI (Bank of the Philippine Islands)
BPI has been a beacon of financial confidence through the years. In 2010, Asiamoney awarded BPI as the "Best Local Cash Management Bank in the Philippines" as Voted by Small-Medium and Large-sized Corporates. The Finance Asia ranked BPI as the 10th place for being the "Best Corporate Governance" and 6th place for being "The Most Committed to a Strong Dividend Policy" in the Asia's Best Companies 2010 Awards. In 2011, BPI ranked as the 3rd largest bank in the Philippines in terms of assets and deposits.4. LBP (Land Bank of the Philippine)
In 2011, Land Bank ranks as the 4th largest bank in the Philippines in terms of assets and deposits. It is regarded as the largest formal credit institution in the rural areas. In the same year, the Public Relations Society of the Philippines awarded LANDBANK's Manila Bay Socially Responsible and United in Sustaining the EnvironmenT (SUNSET) Partnership Program with an ANVIL Award of Merit. Land Bank is also recognized as the first among the nine government-owned and controlled corporations and government financing institutions in terms of the implementation of the Integrity Development Action Plan or IDAP of the Philippine Anti-Graft Commission for the second semester of 2009.5. PNB (Philippine National Bank)
PNB is the fifth largest bank in the Philippines in 2011 in terms of assets and deposits. It received the "Best Collecting Bank for OFW Remittances" award from SSS Balikat ng Bayan.6. RCBC (Rizal Commercial Banking Corporation)
RCBC is also one of the largest banks in the Philippines in terms of assets and deposits.7. Chinabank
Established in 1920, Chinabank is the first privately-owned local commercial bank in the Philippines. In 2010, the Bureau of Treasury ranks Chinabank as one of the "Top Ten Best Performing Government Securities Eligible dealers (GSED) in the Primary Market for 2010”. Chinabank is also one of Philippines' largest banks in terms of assets and deposits.8. Unionbank
Established in 1981, Unionbank focused on innovation and service. Information and network access are a core it offers. In 2002 & 2003, the Euromoney and Finance Asia recognized Unionbank as among the "Asia's best companies". In 2011, it also ranks in the list of largest banks in the Philippines.9. Citibank
Citibank is the largest foreign commercial bank in the Philippines in terms of assets, revenues, customers, and domestic branches. It is among the top Philippine commercial banks in terms of profitability, and ranks at the top list of largest banks in the Philippines in terms of assets, deposits, & loans.10. DBP (Development Bank of the Philippines)
Can be traced its origin on 1930's, DBP caters the medium and long-term needs of agricultural and industrial enterprises with emphasis on small and medium-scale industries. Various famous financial publications also awarded DBP. In 2011, the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) recognized DBP with the "Most Outstanding Local Economic Development Project". In 2010, it was awarded with "Most Outstanding Environmental Development Project". In 2009, "Most Outstanding Corporate Social Responsibility Project".11. UCPB (United Coconut Planters Bank)
Established in 1963, UCPB was the first private Philippine bank to become a universal bank. It garnered the "Most Outstanding Award for Environmental Excellence” at the annual Asian Corporate Social Responsibility Conference in 2004 and the "Asian Banking Award for Best Environmental Project” in Asia in 1999. In the 2nd quarter of 2011, UCPB became the 9th largest bank in the Philippines in terms of deposits.12. Allied Bank
Established in 1977, Allied Bank is distinguished itself as the first Philippine bank to syndicate a foreign loan for the Central Bank of the Philippines through its Bahrain offshore branch. In 2006, the Home Guaranty Corporation awarded the Allied Bank for having the biggest volume of outstanding guaranteed loans among universal banks. In 2009, Allied Bank was ranked 8th largest private domestic bank in the country in terms of total deposits, total assets and net worth. And in 2011, it ranked as the 10th largest bank in the Philippines in terms of deposits.Now that you have a profound knowledge of the background of the most trusted banks in the Philippines, you are now equip with a better decision on which bank you could trust your hard-earned money and have a peace of mind. Enjoy banking!
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