10 Philippine Banks That Made It to the World’s Best Banks List
The World’s Best Banks List was released by the business magazine Forbes in partnership with market research firm Statista.
Out of the 415 banks that earned a spot in the prestigious Forbes’ World’s Best Banks List, ten are actually from the Philippines. The list is based on a worldwide survey conducted in 32 countries with 48,000 banking customers participating in the survey.
According to the report by Philippine Star, the banks were evaluated in different categories—including customer services, digital services, financial services, and trust. The report also notes that “Forbes’ World’s Best Banks 2023 reflects trust and other industry trends, especially after the collapse of Silicon Valley Bank and Signature Bank in the US.”
These are the ten financial institutions in the Philippines that made it to the World’s Best Banks List (in no particular order):
Bank of the Philippine Islands (BPI)
The third largest bank in the country, the Ayala-led BPI has assets worth PHP 2.6 trillion and a capitalization of PHP 316.07 billion. BPI is, as of press time, in the midst of completing its merger with another bank that also appears on this list.
Owned by the Sy family, BDO has assets of PHP 3.92 trillion, as well as capital of PHP 459.82 billion. The Philippine Star report describes the BDO as the bank that “continued to dominate the industry.”
The 31st largest lender in the country, CIMB Bank has assets of PHP 30.26 billion. According to its official website, it was established in 2018 and is part of the CIMB Group—described as “one of ASEAN’s leading banks present in over 16 global markets.”
Land Bank of the Philippines
A state-led financial institution, Land Bank has officially merged with United Coconut Planters Bank (UCPB). This merger—pursuant to Executive Order No. 142—was signed by former President Rodrigo Duterte on June 25, 2021.
The merger became official on March 1, 2022.
One of the six entities granted digital banking licenses by the Bangko Sentral ng Pilipinas (BSP), Maya Bank is responsible for powering the products Maya is known for, like the Maya app, Maya Center, and Maya Business.
Philippine National Bank (PNB)
The seventh largest bank in the Philippines, PNB was established by the government before it was eventually privatized and merged with Allied Bank. Its total resources now amount to PHP 1.17 trillion.
Philippine Savings Bank (PSBank)
Described as the “thrift banking arm of the Metrobank Group” by the Philippine Star, PSBank is actually the Philippines’ largest mid-sized bank. Its assets are worth PHP 263.37 billion and its capitalization amounts to PHP 35.74 billion.
Rizal Commercial Banking Corp. (RCBC)
Majority-owned by the Yuchengco Group of Companies, RCBC was established in 1960. It is the sixth-largest bank in the Philippines and has resources that amount to PHP 1.18 trillion.
Robinsons Bank Corp.
The financial services arm of the JG Summit Group of Companies—owned by the Gokongwei family—Robinsons Bank is the Philippines’ 16th largest bank with resources worth PHP 183.25 billion.
As of writing, it is completing a merger with BPI.
UnionBank of the Philippines
Last and certainly not least, UnionBank is the ninth-largest bank in the country. It was incorporated in 1968 and has resources worth PHP 961.58 billion as of press time.