The best bank in the Philippines in 2024 is BDO Unibank, recognized for its exceptional financial performance and customer satisfaction. It achieved a record net income of Php 73.4 Billion and a return on equity of 15.2% in 2023 and has been awarded the title for its strong operational efficiency and market leadership.
Choosing the best bank in the Philippines can make a big difference in managing your money. With so many options available, it’s important to find a bank that fits your needs, whether you’re saving for a dream vacation, buying a home, or running a business.
The best banks offer not just great interest rates, but also reliable customer service and convenient digital banking features. In this guide, we’ll explore the top banks in the Philippines, highlighting what makes each one stand out so you can make an informed decision.
Criteria for Evaluating Banks
When looking for the best banks in the Philippines, there are a few important factors to consider. By keeping these criteria in mind, you can find a bank that meets your needs and expectations.
- Financial Performance: Financial performance metrics like net income and return on equity give a clear picture of how well a bank is doing.
- Customer Service: Customer service and satisfaction ratings show how happy customers are with their banking experience.
- Innovations: It’s also crucial to check out a bank’s digital banking capabilities and innovations, especially since many people prefer online services these days.
- Awards and Recognitions: Lastly, awards and recognitions can highlight a bank’s strengths and reputation in the industry.
Top Commercial Banks in the Philippines
Commercial banks offer a wide range of products, including savings accounts, loans, and investment options, making them a go-to choice for many Filipinos.
In this section, we’ll take a closer look at the top commercial banks in the country, highlighting their strengths and what sets them apart.
Bank of the Philippine Islands (BPI)
The Bank of the Philippine Islands (BPI) has earned recognition as the Best Bank in the Philippines by FinanceAsia, highlighting its strong reputation in the banking industry.
With a wide range of financial products and services, BPI caters to both personal and business needs. Customers can choose from savings and checking accounts, loans, investment options, and insurance products, all designed to help them achieve their financial goals.
- Website: https://www.bpi.com.ph
- Net Income: Php 51.7 Billion (2023)
- Return on Equity: 15.35% (2023)
- Notable Awards:
- Best Bank in the Philippines by FinanceAsia 2024
- Best SME Bank in the Philippines, Global Finance Best SME Bank Awards 2025
- Best Trade Finance Bank in the Philippines 2023, Alpha Southeast Asia 17th Best Financial Institutions Awards
Metropolitan Bank & Trust Company (Metrobank)
Metrobank stands out in the Philippine banking industry due to its strong market position and commitment to customer satisfaction.
As the third-largest private bank in the country, it offers a wide range of financial products tailored to meet the needs of both individuals and businesses.
- Website: https://www.metrobank.com.ph/home
- Net Income: Php 42.2 Billion (2023)
- Return on Equity: 12.5% (2023)
- Notable Awards:
- Best Bank for Ultra-High-Net-Worth, Euromoney Global Private Banking Awards 2024
- Most Recommended Retail Bank in the Philippines, The Asian Banker Annual BankQuality™ Consumer Survey
BDO Unibank
BDO Unibank is the largest bank in the Philippines and a standout player in the Philippine banking scene, known for its impressive achievements and commitment to innovation.
Recently, it has received numerous awards, including being named as a Highly Commended Bank in the Philippines in 2024 by FinanceAsia. This recognition highlights its strong financial performance, with significant growth in assets, loans, and deposits.
- Website: https://www.bdo.com.ph
- Net Income: Php 73.4 Billion (2023)
- Return on Equity: 15.2% (2023)
- Notable Awards:
- Best Bank in the Philippines, Global Finance World’s Best Bank Awards 2023
- Best Bank in the Philippines, Alpha Southeast Asia 17th Annual Best Financial Institution Awards 2023
Philippine National Bank (PNB)
The Philippine National Bank (PNB) is well-known for its wide range of banking services and strong international presence. With over 700 branches in the Philippines, PNB makes it easy for Filipinos to access banking wherever they are.
- Website: https://www.pnb.com.ph
- Net Income: Php 18 Billion (2023)
- Return on Equity: 10% (2023)
- Notable Awards:
- Best Bank in the Philippines, Forbes World’s Best Banks 2024
- Most Admired Financial Services Provider in the Philippines, International Business Magazine Awards 2024
- Best Bank for Investment Research in the Philippines, Euromoney Private Banking Awards 2024
Security Bank
Security Bank is recognized for its strong retail banking services and a commitment to customer service excellence. With a focus on meeting the needs of everyday Filipinos, the bank offers a variety of financial products, including savings accounts, loans, and investment options.
- Website: https://www.securitybank.com
- Net Income: Php 9.1 Billion (2023)
- Return on Equity: 6.95% (2023)
- Notable Awards:
- Best Customer Centric Business Model, Global Retail Banking Innovation Awards 2024
- The Philippines’ Best Bank for Corporates, Euromoney Awards for Excellence 2024
Unionbank of the Philippines
Unionbank of the Philippines has gained recognition for its impressive digital transformation efforts, positioning itself as a leader in the modern banking landscape. The bank has embraced innovative solutions that cater to the needs of today’s customers, making banking more convenient and accessible.
- Website: https://www.unionbankph.com
- Net Income: Php 9.2 Billion (2023)
- Return on Equity: 7% (2023)
- Notable Awards:
- Best Bank in the Philippines – Euromoney Real Estate Awards 2023
- Best Retail Bank in the Philippines – The Asian Banker 2023
Rizal Commercial Banking Corporation (RCBC)
Rizal Commercial Banking Corporation (RCBC) is recognized for its wide range of financial services and a strong focus on customer satisfaction. The bank prides itself on its customer-centric approach, ensuring that clients receive personalized solutions that meet their unique needs.
- Website: https://www.rcbc.com
- Net Income: Php 12.2 Billion (2023)
- Return on Equity: 5.2% (2023)
- Notable Awards:
- Best Corporate Bank Philippines 2024, Global Banking and Finance
- Best Retail Bank Philippines 2024, Global Banking and Finance
Emerging Digital Banks
Digital banks are changing the way Filipinos think about banking by offering modern, tech-driven solutions that cater to a new generation of customers.
In this section, we’ll explore some of the top digital banks in the Philippines and highlight what makes them stand out in today’s fast-paced financial landscape.
Maya Bank
Maya Bank has rapidly gained popularity in the Philippines as a leading digital bank, thanks to its innovative services and user-friendly interface. Designed with the modern customer in mind, Maya offers a seamless banking experience that allows users to perform transactions quickly and easily through their smartphones.
- Website: https://www.mayabank.ph
- Net Income:
- Return on Equity:
- Notable Awards:
- World’s Best Banks List (2023), Forbes Magazine
- Best Virtual Bank in the Philippines, FinanceAsia Awards 2024
- Best Digital Bank in the Philippines and Southeast Asia, World’s Best Digital Bank Awards 2023 by The Digital Banker
Tonik Bank
Tonik Digital Bank is making waves in the Philippine banking landscape with its innovative services and competitive interest rates. As the first all-digital bank in Southeast Asia, Tonik offers a range of products, including savings accounts, time deposits, and flexible microloans.
Customers can enjoy impressive interest rates, such as up to 6% per annum on time deposits and 4% on its Solo Stash savings feature. This focus on high returns has attracted many Filipinos looking for better options than traditional banks.
- Website: https://tonikbank.com
- Notable Awards:
- Top 250 Most Promising FinTech Companies Worldwide 2022, CB Insights
- Most Innovative Digital Bank Philippines 2024, Global Banking & Finance Awards
Seabank
SeaBank is making a significant impact in the Philippine banking scene as a rural bank that operates primarily through its innovative mobile banking application. This user-friendly app allows you to manage your finances anytime and anywhere, offering features such as seamless transactions, competitive interest rates, and no maintaining balance requirements.
- Website: https://www.seabank.ph
- Net Income: Php 1.6 Billion (2023)
GoTyme Bank
GoTyme Bank is revolutionizing the digital banking landscape in the Philippines with its unique “phygital” model, which combines the convenience of digital banking with personalized human interaction.
Launched in 2022, GoTyme has quickly gained traction, amassing over 1 million customers by emphasizing a customer-centric approach that prioritizes trust and accessibility. With more than 200 physical kiosks located in Robinsons retail spaces, customers can open accounts in just five minutes and receive a free debit card on the spot.
- Website: https://www.gotyme.com.ph
Overview of the Philippine Banking Sector
The Philippine banking sector is made up of different types of banks that serve various needs.
Commercial banks and universal banks are the most common, offering a wide range of services like savings accounts, loans, and investments.
Rural banks focus on helping local communities, providing financial support to farmers and small businesses.
The Bangko Sentral ng Pilipinas (BSP) plays a crucial role in keeping the banking system safe and sound. It regulates these banks to ensure they follow the rules and maintain financial stability, which helps protect depositors and supports the overall economy.
This structure allows Filipinos to access the banking services they need while ensuring a secure financial environment.
FAQs
Which bank stands out as the top choice in the Philippines?
u003cstrongu003eBDO Unibanku003c/strongu003e is recognized as the top choice in the Philippines, having been awarded the title of Best Bank for 2024 due to its exceptional financial performance and customer satisfaction. With a record net income and significant growth in loans and deposits, BDO has solidified its position as a leader in the banking sector.
What bank offers the best savings options?
u003ca href=u0022/recommends/mayau0022u003eMayau003c/au003e offers the highest interest rates for savings accounts. The base interest rate for a savings account is u003cstrongu003e3.5% per annumu003c/strongu003e but you could increase it u003cstrongu003eup to 15%u003c/strongu003e if you continue using Maya for u003cstrongu003ebill paymentsu003c/strongu003e, u003cstrongu003efund transfersu003c/strongu003e, u003cstrongu003eQR and debit card transactionsu003c/strongu003e, u003cstrongu003eonline purchasesu003c/strongu003e, etc.
Which bank is considered the most trustworthy?
u003cstrongu003eMetrobanku003c/strongu003e is often regarded as one of the most trustworthy banks in the Philippines, known for its resilience and consistent performance. It has received accolades for customer service and reliability, making it a preferred choice for many Filipinos.
Which bank has the greatest financial strength?
BDO Unibank demonstrates the u003cstrongu003egreatest financial strengthu003c/strongu003e, with u003cstrongu003erobust growth in net interest incomeu003c/strongu003e and a u003cstrongu003esolid balance sheetu003c/strongu003e. Its significant market capitalization increase and low non-performing loan ratio further highlight its stability and capacity to withstand economic fluctuations.
Which bank is ideal for opening a new account?
u003cstrongu003eBank of the Philippine Islands (BPI)u003c/strongu003e is ideal for opening a new account due to its extensive network of branches and ATMs, making banking accessible for customers. Additionally, BPI offers a variety of account types tailored to different financial needs, ensuring that new customers can find an option that suits them best.
Final Thoughts
The banking landscape in the Philippines is evolving rapidly, with both traditional and digital banks stepping up to meet the diverse needs of consumers.
As we’ve explored, institutions like BDO Unibank, Metrobank, and emerging players like Maya and Tonik are not only offering innovative services but also prioritizing customer satisfaction and financial inclusion.
This dynamic environment ensures that Filipinos have access to a wide range of banking options tailored to their lifestyles and finances. Whether you’re looking for robust digital solutions or personalized service, there’s a bank out there ready to support your journey.
With these advancements in the banking sector, you can feel confident that your financial needs are being met with excellence and care!
