Dynamic banking in the Philippines covers a wide spectrum of financial demands. But choosing the finest one could be challenging with so many banks fighting for your trust. We have compiled a list of the best institutions and their features based on Forbes’ 2024 World’s Best Banks rating to help streamline your search.
Champions: PNB, National Bank of the Philippines
Forbes rates Philippine National Bank (PNB) as the top bank in the country for 2024. From their second-place ranking in 2023, these prestigious honors point to a growth. Originally founded in 1916, PNB is the principal government lender and the second largest bank in the nation depending on assets. It offers a wide range of banking products and services from traditional deposit accounts and loans to investment products and financial planning tools. PNB is well-known for its financial stability, outstanding customer service, and dedication to innovation.
Runner-up Union Bank of the Philippines (UBP)
Union Bank of the Philippines (UBP) landed second place. Consistent appreciation for UBP’s focus on customer-centric strategy and digital transformation comes from For Filipinos on the go, they offer a powerful mobile banking platform and a wide range of digital banking solutions, thereby simplifying and accessable banking.
Digital Masters: Union Digital Bank, OFBank, Maya Bank
The emergence of digital banks represents a distinctive feature of Philippine banking industry. Three digital banks account for a significant effect according to the Forbes list for this year. Focusing financial inclusion, Maya Bank—a joint venture between Ayala Corporation, Smart Communications, and PLDT—offers a completely digital banking experience with simple account opening requirements. Originally founded by Land Bank of the Philippines, OFBank offers loans specifically for overseas Filipino workers (OFWs), foreign currency accounts, and remittance services. Comprising a digital section of Union Bank of the Philippines, UnionDigital Bank provides a broad range of digital banking solutions including investment products, account opening, money transfers, and bill payments.
Selecting Your Appropriate Bank
Though Forbes’s ranking provides interesting research, your specific needs will guide which bank is ideal for you. Consider the type of account you need—checking, savings, investment products, financial planning tools, something else completely. Examine the benefits of online and mobile banking for you and determine whether in-person transactions and fast access call for a bank with large branch network. Compare also the expenses related with the provided accounts and services by different banks.
By carefully assessing your demands and applying the provided information, you will be able to choose which Philippine bank best suits your financial goals.
