It is no small matter to choose which banks to do business with. That’s why it would be good to know which banks are most patronized by consumers. It’s not the total picture but it certainly gives us some idea about their ability to serve their customers well. You won’t be able to hold so many deposits without the capability to constantly perform to the expectations of your depositors.
Philippine Banks DepositsIn the Philippines, banks are required to publish their balance sheets with the Banko Sentral ng Pilipinas (BSP). From these balance sheets, we can glean on which banks in the country have the most deposits. The latest data published at the BSP website came from the balance sheets submitted by the end of December 2011.
From all the commercial and universal banks, I have here the top 10 list of banks in the Philippines with the highest total deposits. Without further ado, they are the following:
|Bank Name||Total Deposits (Millions)|
|1||BDO UNIBANK INC||837,008|
|2||METROPOLITAN BANK & TCO||581,636|
|3||BANK OF THE PHIL ISLANDS||544,480|
|4||LAND BANK OF THE PHILIPPINES||507,311|
|5||PHIL NATIONAL BANK||238,070|
|6||CHINA BANKING CORP||211,973|
|7||UNION BANK OF THE PHILS||206,770|
|8||RIZAL COMM'L BANKING CORP||204,040|
|9||UNITED COCONUT PLANTERS BANK||160,960|
|10||DEVELOPMENT BANK OF THE PHIL||158,370|
Current Banking ExperienceAmong these ten big banks, I am currently banking with Banco de Oro (BDO) and Bank of the Philippine Islands (BPI) only. Both are very good banks indeed. BPI has been the bank of choice by employers I happen to work with. I have been their customer for more than nine years already.
I have only recently opened a savings account with BDO. I like their Unit Investment Trust Fund (UITF) specifically those invested in money market funds. It is where I park my emergency funds because it earns comparably more interest than savings accounts but still retains the liquidity I need. I had to open an account as part of this investment arrangement. They have served me well so far.
Previous Banking ExperienceMy experience with Metrobank is very limited to almost non-existent. I have previously invested in their mutual fund arm but did not really deal with the bank so much. I once got a ticket from MMDA which I had to pay in a Metrobank branch. That’s about it.
I was a Department of Science and Technology (DOST) scholar in college. The benefit included monthly stipends which they sent through Landbank. So I was effectively a Landbank customer for the duration of my engineering course of five years. I did not experience any problem with Landbank all those years which made me believe they were well-managed. That could be one of the reasons why they have so much deposits.
There you have it - information that you can use for your banking decisions. It's my hope that it will lead you to the right choice. Let me know your thoughts!
Photo Credit: Monica's Dad (Creative Commons)