Banking industry in the Philippines

The Philippines is home to around 105 million inhabitants, and an archipelagic country in the Southeast Asian Region. Branded as a tiger cub economy in the region, the potential to tap the market and take advantage of the growing economy is no doubt an option for investors. For a local if you are keen on opening a business in the country, your go-to would be the banks that would provide you the capital. If you are a depositor, the bank would be the best option where to keep your money.

As simple as it may sound, not everyone in the country has access to financial services. In a survey conducted in the Philippines, only about a quarter of Filipinos hold an account in a banking or financial institution. People in the urban areas, where cities are located, share a more significant percentage of financial account ownership while inadequate access transpired in rural areas. However, the situation hasn’t deterred the growth of the Banking industry in the Philippines.

The Philippine banking system is structured in three types of banking segments, which are universal and commercial banking group, rural and cooperative banking group, and thrift banking group. Each one has its services and facilities that cater to the customer’s financial needs. In terms of deposits value, universal banks keep about 91 percent of domestic deposits, and individuals hold about 47.9 percent share in the domestic deposits in the country.

Universal banking which is the largest banking group provides all kinds of services in terms of loans, credit, investments, deposits, and securities transactions. The thrift banking group, on the other hand, is composed of savings and mortgage banks, private development banks, stock savings, and loan associations, and microfinancing. While rural and cooperative banks are more popular in rural communities because one of its functions is to provide financial needs to the rural economy.

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Philippine banking at a glance

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