Top 10 Banks for Depositors in the Philippines and Their Online Banking Sites

Banks are among the most important financial institutions that we, the consumers, have to constantly deal with. They hold our savings through our deposit accounts. When our salaries are paid, the banks receive them. When our loved ones from abroad send us money, banks can serve as remittance centers. When we are in need of cash, we apply for bank loans. They issue credit cards that we can use for online transactions. When we pay our bills, we can transact through them.

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 Deposits

In 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:

Philippine Banks Linked to Online Banking Sites

Source: Banko Sentral ng Pilipinas

Rank	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

If you’re worried about banking risks, choosing from among this list may just be your best bet. Big banks also carry the advantage of having the most branches and ATM machines to serve their customers.

Current Banking Experience

Among 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 Experience

My 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)