Top 10 banks in the Philippines

Banco de Oro (BDO) is now the largest bank in the Philippines, in terms of both assets and total deposits.

This is according to a report of comparative sizes of Philippine banks which I got from my bank.

Until 2007, Metrobank was the largest bank. As of December 31, 2008, however, Banco de Oro has overtaken Metrobank and has grabbed the title since.

BDO’s rise to the top is primarily due to its merger with another big bank, Equitable-PCI Bank, in 2006. Clients are also flocking to BDO because of its longer banking hours and presence in most SM malls.

In 2008, Metrobank slid to #2 in terms of both assets and deposits. Trailing Banco de Oro and Metrobank is Bank of the Philippine Islands (BPI).

Here is the list of the biggest banks in the Philippines in terms of assets and deposits. Figures from the report were taken from the published financial statements of the banks concerned.

Top Ten Commercial Banks in the Philippines
As of December 31, 2008

In terms of ASSETS

1. Banco de Oro (BDO) – Php 808.0 billion
2. Metrobank - Php 758.5 billion
3. Bank of the Philippine Islands (BPI) – Php 658.4 billion
4. Landbank of the Philippines (LBP) – Php 434.0 billion
5. Development Bank of the Philippines (DBP) – Pho 290.9 billion
6. Philippine National Bank (PNB) – Php 276.8 billion
7. Rizal Commercial Banking Corp. (RCBC) – Php 270.2 billion
8. Unionbank of the Philippines (UBP) – Php 208.2 billion
9. Chinabank – Php 207.3 billion
10. Citibank – Php 187.8 billion

In terms of DEPOSITS

1. BDO - Php 634.3 billion
2. Metrobank - Php 585.8 billion
3. BPI - Php 541.2 billion
4. Landbank - Php 333.6 billion
5. PNB - Php 201.2 billion
6. RCBC - Php 196.4 billion
7. Chinabank - Php 173.9 billion
8. Unionbank - Php 162.0 billion
9. Allied Bank – Php 139.8 billion
10. Citibank - Php 121.6 billion

Figures taken from published financial statements of each bank.