Banks of the Philippines have all the general services provided by American banks, as well as some targeted banking services such as rural and microenterprise banking. Philippine banks are well regulated and have a substantial assets available for commercial lending.
Banking in the Philippines requires familiarity with the political situation and projected outlook for stability. Philippines banks have suffered in the past due to some governmental mismanagement of the industry, and because of this banks of the Philippines are seen as somewhat of a risk by some businesses.
Commercial banking in the Philippines with America and other western countries has a longer history than many other countries in the regions. Any international bank in Philippines will conduct business in both Filipino and English, which are the official languages of the country. A banks in the Philippines industry overview includes US banks that do business in there.
1. Start banking in the Philippines by depositing a small account in one of the Philippine commercial banks.
2. Work face-to-face with large Philippine banks and overseas commercial banks in the Philippines.
3. Transfer funds from one of the many global banks in Philippines to one of the government insured Philippines banks.
Action Steps
The best contacts and resources to help you get it done
Begin banking in the Philippines with a simple business account
Banks in the Philippines require commercial businesses to register with the appropriate government offices and provide detailed information on the principles involved in the business. The outlook for Philippines banking has improved since the government introduced stricter regulations in 2007. The people of the Philippines have one of the lowest national averages of loan-to-deposit ratios, so the government has invested heavily in providing the banks with sufficient cash reserves.
I recommend: The
Philippine National Bank can provide all the services a commercial business would require, including: corporate cash management, foreign exchange and corporate trust services. The
Bank of the Philippine Islands can take care of all your corporate banking needs.
Travel to meet with officials of Philippine banks
Before doing extensive banking in the Philippines, it would be wise to meet in person with banking officials. Successful global banking in the Philippines demands a level of familiarity with the country's culture and traditions. If your business will conduct a large amount of business in the Philippines, it would be a very good idea to have several staff members trained to speak Filipino. There are over 170 languages spoken across the island nation, but English and Filipino are the key languages of business.
I recommend: The
Union Bank is one of the better banks for business in the Philippines. The
Development Bank of the Philippines enjoys a fine reputation for service and management. Staff from these two banks will provide great service and make financial arrangements to your satisfaction.
Work with one of the international banks of the Philippines
American businesses have a long history with Philippine banks. For over a century American businesses have invested there. The Philippines online banking was established with American expertise. Foreign banks have been allowed to provide more extensive banking services in recent years.
I recommend: Consult a Philippines bank directory to find the overseas offices of international banks, including
Standard Chartered Bank.
Citibank can also arrange for the transfer of funds from its offices in the US to its offices in the Philippines.
Tips & Tactics
Helpful advice for making the most of this Guide
- Hire a contact person with native Filipino language skills, who is very familiar with banks in the Philippines and has numerous personal contacts in the banking industry.
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