The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks. At present, there are seventeen universal banks, 23 commercial banks, 84 thrift banks, 711 rural banks, 44 credit unions and twelve non-banks with quasi-banking functions, all licensed with the Bangko Sentral ng Pilipinas.
A universal bank has the same powers as a commercial bank with the following additional powers: the powers of an investment house as provided in existing laws and the power to invest in non-allied enterprises.
List of local universal banks
* Amanah Islamic Investment Bank of the Philippines
* Development Bank of the Philippines
* Land Bank of the Philippines
* Allied Bank
* Banco de Oro
* Bank of the Philippine Islands
* Metropolitan Bank and Trust Company
* Philippine National Bank
* Rizal Commercial Banking Corporation
* Security Bank
* Union Bank of the Philippines
* United Coconut Planters Bank
List of foreign banks with universal banking operations
* The Hongkong and Shanghai Banking Corporation
* ING Bank
* Standard Chartered Bank
* Calyon Bank
A thrift bank has the power to accept savings and time deposits, act as a correspondent with other financial institutions and as a collecttion agent for government entities, issue mortgages, engage in real estate transactions and extend credit. In addition, thrift banks may also maintain checking accounts, act as a depository for government entities and local government units and engage in quasi-banking and money market operations subject to the approval of the Bangko Sentral.
List of local thrift banks
* Philippine Postal Savings Bank
* Accord Savings Bank
* Allied Savings Bank(subsidiary of Allied Bank)
* Anchor Savings Bank
* Area Development Bank
* Asiatrust Bank
* Banco Filipino
* Bank of Calape
* Bank of Cebu
Cooperative and rural banks
Rural and cooperative banks are the more popular type of banks in the rural communities. Their role is to promote and expand the rural economy in an orderly and effective manner by providing the people in the rural communities with basic financial services. Rural and cooperative banks help farmers through the stages of production, from buying seedlings to marketing of their produce. Rural banks and cooperative banks are differentiated from each other by ownership. While rural banks are privately owned and managed, cooperative banks are organized/owned by cooperatives or federation of cooperatives.
A rural bank has the power to provide adequate credit facilities to farmers and merchants or to cooperatives of such farmers and merchants and, in general, to the people of the rural communities of which the rural bank operates in.
List of cooperative banks
* Agusan del Norte Cooperative Bank
* Bataan Cooperative Bank
* Camiguin Cooperative Bank
* Capiz Settlers Cooperative Bank
* Cooperative Bank of Agusn del Sur
* Cooperative Bank of Aklan
* Cooperative Bank of Aurora
* Cooperative Bank of Benguet
* Cooperative Bank of Bohol
List of rural banks
Agusan del Norte
* Butuan City Rural Bank
* Green Bank
Agusan del Sur
* People's Bank of Caraga
* Enterprise Bank
* Rural Bank of Altavas
Commercial and universal banks under Republic Act No. 8791, also known as the General Banking Act of 2000, share roughly the same powers.a commercial bank has the power to accept drafts and issue letters of credit; discount and negotiate promissory notes, drafts, bills of exchange, and other evidences of debt; accept or create demand deposits; receive other types of deposits and deposit substitutes; buy and sell foreign exchange and gold or silver bullion; acquire marketable bonds and other debt securities; and extend credit.
List of local commercial banks
* Asia United Bank
* Bank of Commerce
* BDO Private Bank (subsidiary of Banco de Oro)
* East West Bank
* Export and Industry Bank
* Philippine Bank of Communications
* Philippine Veterans Bank
* Philtrust Bank
Bangko Sentral ng Pilipinas BSP
The Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. It was established on 3 July 1993 pursuant to the provisions of the 1987 Philippine Constitution and the New Central Bank Act of 1993. The BSP took over from the Central Bank of Philippines, which was established on 3 January 1949, as the country’s central monetary authority. The BSP enjoys fiscal and administrative autonomy from the National Government in the pursuit of its mandated responsibilities.
The BSP seal is a composite of the Filipino flag, the risen sun and mountains framed by a wheel and ringed by the inscription, "THE BANGKO SENTRAL NG PILIPINAS."
The FLAG symbolizes the country and expresses the Filipino people's nationalism and unity.
The RISEN SUN signifies the bright future and renewed spirit of the nation.
The MOUNTAINS represent stability and the WHEEL signifies movement and industry, the key to the nation's economic progress.
The BSP Main Complex
The BSP Main Complex in Manila houses the offices of the Governor, the Monetary Board and the different operating departments/ offices. The Complex has several buildings, namely: 5-Storey building, Multi-storey building, the EDPC building and the BSP Money Museum, which showcases the Bank's collection of currencies.
BSP Main Complex
6 Asian Development Bank Avenue
Ortigas Business Center
Brgy. Wack Wack
Asian Development Bank by City of Mandaluyong.
One of the banks that line up Ayala Avenue in Makati City, Philippines
Allied Bank by Jun Acullador.