When doing business in or with the Philippines, it is important to have a good knowledge about the system of banking in the Philippines. The Philippines are home to several hundred different banks -- universal and commercial banks (including several international banks with Philippine offices), rural banks, and credit unions, to name a few. These different banks cover a wide range of banking needs, but a detailed knowledge of banks in the Philippines is necessary to successfully take advantage of the system.
There are a variety of special issues that you need to address when dealing with Philippines banks. Banking in the Philippines varies greatly between urban and rural environments. Many rural banks of the Philippines function on the basis of mobile phone technology. Meanwhile, urban Philippine banks function similarly to major banks the world over, offering personal, business and corporate banking services through a wide variety of means. It is also important to keep in mind that foreigners involved in Philippines banking are subject to government restrictions on foreign investment. There is a great deal of global banking in the Philippines, but foreign investors and businesspeople need to research banking practices thoroughly before they begin.
Keep the following in mind when looking for banks in the Philippines:
1. Focus on banks that will meet your specific needs.
2. Remember that urban and commercial banks in the Philippines differ greatly from rural personal and development banking.
3. Comparing Philippines banks will help you find the right bank out of the many available.
4. Check out the many websites devoted to Philippines online banking.
Action Steps
The best contacts and resources to help you get it done
Gather general information about banking in the Philippines
Information about the banking industry and general financial state of the Philippines can be found from the Philippines government and from private sources.
I recommend: The Bank of the Philippine Islands offers a concise but
detailed history of banking in the Philippines.
Bangko Sentral ng Pilipinas, the central government bank of the Philippines, offers official information on exchange rates and interest, monetary policy, banking supervision, currency, etc. For further research, the bank also offers
online publications about Philippine economics and banking.
Get background information on banks of the Philippines before doing business or making investments
There are several banking service companies and organizations that provide detailed information on Philippine banks and economics.
I recommend: The
Bankers’ Institute of the Philippines, Inc. is a non-profit organization devoted to analyzing the banking industry in the Philippines. For up-to-date banking news about the Philippines, EIN News hosts a website with
Philippine banking information from 40,000 news services. The website requires membership but offers a
free, one-week trial.
Research particular banks in order to know which banks will best suit your needs
With hundreds of banks of many different types, it is important to make a knowledgeable choice before banking in the Philippines.
I recommend: Allo Expat offers a comprehensive
Philippines bank directory of 51 of the largest banks with addresses and website links. Individual bank websites are also useful, especially for the largest banks. The
Bank of the Philippine Islands has a comprehensive and easily-navigated website. For an example of an international bank in Philippines,
Citibank-Philippines maintains a site for all banking services.
Find out about restrictions on foreign banking and investing in the Philippines
The Philippines have strict regulations about foreign investment, so it is important to know the rules before starting a business venture there or involving a Phillipines company.
I recommend: The Philippine government hosts a
forum in which issues of foreign banking in the Philippines are discussed. Also, articles about
money transfer and
investment regulations are available.
The official source of Banks in the Philippines is
the Banks in the Philippines page at Business.com
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