Top Banking Financial Services And Insurance Companies in Philippines

The Banking, Financial Services, and Insurance (BFSI) Industry in the Philippines has experienced remarkable growth in recent years, driven by the country's expanding economy, a growing middle class, and supportive government initiatives. This article examines key statistics from 2022, factors contributing to its growth and success, each industry's growth in comparison to previous years, key trends such as technological disruptions, challenges faced by the industry, and the future outlook.

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CompanyHeadcountContactDescriptionDecision Maker
METROBANK8,288 +63 2 8870 0700

Be part of a leading financial institutionMetrobank is the country’s premiere universal bank with the largest consolidated network of over 870 branches and over 1,900 automated teller machines nationwide, and 33 foreign branches, subsidiaries and representative offices. A recognized leader in the country’s banking industry, Metrobank has become the trusted banking partner, staying true to its promise of keeping you in good hands. Experience a fruitful and rewarding careerThe driving force of Metrobank’s success is its people who are committed to product quality and service excellence; practice strong work ethics and good governance. We uphold a culture anchored on our core values of customer delight, teamwork, passion for results and integrity. In Metrobank, hardwork is well-rewarded with a long term career and a competitive rewards system. Learn from trusted professionalsMetrobank is an excellent training ground for individuals who aim to learn and gain exposure to the different facets of banking and finance. The learning opportunities are immense as you work with top-notch experts of the banking industry - a driven team of individuals who put value on excellence and passion for service.Metrobank is regulated by the Bangko Sentral ng Pilipinas (https://www.bsp.gov.ph/)

GM BANK299 +63 998 847 4608

CommitmentGM Bank of Luzon Inc. chooses to be true to its name. We are where our services are most wanting and in every community we stay with, we decide to stay for good. MissionTo have a positive difference in people’s lives, especially in countryside communities, by providing access to socially relevant financial services in a commercially sustainable way.VisionGM Bank of Luzon Inc. envisions a region where economic resources are enjoyed not only by the wealthy few but also by the poor sectors of the community.History· GM BANK OF LUZON Inc. is an outcome of consolidated and merged rural banks that were all based in the hometown of its incorporators, the province of Nueva Ecija. · GM BANK, Inc. is the resultant corporation of the consolidation of Community Rural Bank, Inc. (CRBI) and Munoz Rural Bank, Inc. (MRBI). · GM Bank, Inc. was officially inaugurated in December 1, 2004.· GMBANK INC. and SME Bank INC merging was approved by Banko Sentral ng Pilipinas (BSP) in June 28, 2007. · October 2, 2009 - Monetary Board declares the approval of GM BANK, Inc. and BANGKO LUZON Inc.’s Consolidation to be known as GM BANK OF LUZON, Inc.· GM BANK OF LUZON, Inc. (A Rural Bank) was approved by Securities and Exchange Commission on November 9, 2010.

CREDIT SUISSE49,648 +65 6212 2000

Credit Suisse is a leading global wealth manager with strong investment banking capabilities. Headquartered in Zurich, Switzerland, our operation has a global reach and extends to about 50 countries worldwide across mature and emerging markets with more than 45,000 employees from over 150 different nations.We partner across countries, divisions and regions to deliver holistic financial solutions to our clients, including innovative products and specially tailored advice, aligned to our high ethical standards. We strive for quality and excellence in our work and professional relationships, recognizing and rewarding extraordinary performance among our employees and providing opportunities for internal mobility, dedicated training and leadership. As a global and inclusive community, we benefit from a diverse range of perspectives to create value and drive results for our clients, shareholders and communities. Our values are brought to life through the entrepreneurial spirit of all within our network. We are Credit Suisse.Social Media Disclaimer and guidelines: http://bit.ly/2KCQhO6

BANGKOK BANK3,643 +65 6410 0400

Discover Bangkok Bank – Thailand’s largest commercial bank and one of the leading commercial banks in Southeast Asia. A pioneer bank with long progress of the country. Bangkok Bank has grown and matured with Thai people and their business interests and today is renowned for its size, stability and partnership approach. The bank is driving innovation in new products and services and building on its inherent scale advantages to meet the challenges of a changing financial landscape and consolidate its leadership position for the future.

ING63,250 +65 6535 3688

ING is a pioneer in digital banking and on the forefront being one of the most innovative banks in the world. As ING we have a clear purpose that represents our conviction of people’s potential. We don’t judge, coach, or to tell people how to live their lives. However big or small, modest or grand, we empower people and businesses to realize their vision for a better future. We made the promise to make banking frictionless, removing barriers to progress, and make people confident in their financial decisions. As a global bank we have a huge opportunity – and responsibility – to make an impact for the better. We can play a role by financing change, sharing knowledge, and innovating. Being sustainable is in all the choices we make—as a lender, as a partner and through the services we offer our customers

BANK CTBC INDONESIA672 +62 807 1 221 111

PT Bank CTBC Indonesia (“CTBC Indonesia”) dimiliki 99% oleh CTBC Bank Co., Ltd, yang merupakan salah satu bank terkemuka di Taiwan. 1% dimiliki oleh PT Bank Danamon Indonesia Tbk., salah satu bank terkemuka di Indonesia. CTBC Indonesia mulai beroperasi di Indonesia pada pertengahan tahun 1997 terutama untuk melayani perdagangan Indonesia-Taiwan, dengan nama PT Bank Chinatrust Tamara, yang dimiliki 85% oleh Chinatrust Commercial Bank Co., Ltd. dan 15% oleh Bank Tamara. Pada tahun 2001 Chinatrust Commercial Bank Co., Ltd. meningkatkan kepemilikannya menjadi 99% dan merubah nama PT Bank Chinatrust Tamara menjadi PT Bank Chinatrust Indonesia. Di tahun 2013, Chinatrust Commercial Bank Co., Ltd. selaku pemegang saham mayoritas CTBC Indonesia melakukan perubahan nama menjadi CTBC Bank Co., Ltd. dan PT Bank Chinatrust Indonesia juga di tahun yang sama berganti menjadi PT Bank CTBC Indonesia.Dengan modal dasar yang kuat dan kinerja yang konsisten sejak didirikan, Bank CTBC Indonesia diakui sebagai salah satu bank terkemuka di Indonesia. Pada tahun 2009, Bank CTBC Indonesia menerima Platinum Award 2009 sebagai bank dengan predikat “Sangat Bagus” selama 10 tahun berturut-turut (1999-2008) dari majalah InfoBank. Dan atas kinerja Bank di periode 2011 dan 2012, Bank CTBC Indonesia juga mendapatkan predikat “Sangat Bagus” dari majalah InfoBank.Bank CTBC Indonesia menyediakan ruang lingkup yang lengkap untuk jasa perbankan korporasi dan individu di seluruh Indonesia dengan komitmen untuk menjadi bank yang dapat diandalkan dan dipercaya.

RCBC4,191 +63 2 8888 1888

Rizal Commercial Banking Corporation (RCBC) is among the largest private domestic banks in the country in terms of assets and has a network of over 418 branches and 1,375 ATMs (as of March 2021). With 60 years of long-term partnerships, RCBC has been a pillar of the banking industry, providing a wide range of financial services to its customers through its retail and investment bank, microfinance unit, foreign exchange brokerage house, leasing company and overseas remittance tie-ups. We continue to innovate and shape the future of our communities, families, and generations to come. At RCBC, we are more than just a Bank, we are proud to be Partners Through Generations.

JULIUS BAER6,482 +65 6827 1999

The Julius Baer Group is present in around 60 locations worldwide, including Zurich (Head Office), Bangkok, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Madrid, Mexico City, Milan, Monaco, Mumbai, Santiago de Chile, São Paulo, Shanghai, Singapore, Tel Aviv, and Tokyo.Social media terms of use: https://www.juliusbaer.com/en/legal/social-media/

TONIK364 +65 8708 7087

Tonik is a transformative digital bank on a mission to revolutionize the way money works in Southeast Asia.We are addressing the US$140 billion retail deposit and US$100 billion unsecured retail lending opportunities in the Philippines. We believe the existing Filipino banking customers and the 70% of the Filipinos that remain unbanked deserve a better choice – a digital-only bank that is simple, not intimidating, helps them save, all at the click of a button. As the world leader in internet and social media usage, we believe Philippines is ripe for becoming a world leader in digital banking too.We plan to make it happen. We provide retail financial products, including deposits, loans, savings accounts, payments, and cards on a highly secure digital banking platform.Innovation is woven into the DNA of our company. We put customers first. We challenge the status quo. We are relentless. We are passionate about improving people’s financial lives through the use of technology.Tonik is officially the Philippines’ first neobank to secure a digital bank license from the Bangko Sentral ng Pilipinas (BSP). Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC).

STANDARD CHARTERED BANK70,447 +65 6596 7000

We are a leading international banking group, with a presence in more than 60 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

ING AUSTRALIA1,333 +61 133464

We exist to empower people to stay ahead, in business and in life. We’re proud to be part of ING Group, the world’s leading direct savings bank – and even prouder to be Australia’s most recommended bank. That’s because, for us, nothing matters more than being loved by our customers.Since we started out in 1999, we’ve reinvented the way Australians do their banking by delivering products that are simple, and good value – from Everyday Banking and Savings, to straightforward Home Loans and Super. With our 24/7 customer care and digital platforms, we’ve also given customers support round the clock – plus the freedom to do their banking anywhere, anytime. The driving force behind all of this has been simple: our desire to improve our customers’ lives by doing things differently. Everyone here shares the same forward-thinking approach, and a genuine desire to make a difference to the communities we’re part of. If you’re ready to be challenged to achieve your full potential, we are the place to make it happen. Here, you’ll have the freedom to put ideas into action, own the results, collaborate on a global scale – and make a genuine difference to people’s lives. Like to find out more? Visit ing.com.au or find us on social media:Facebook - http://www.facebook.com/INGAustTwitter - https://twitter.com/ING_AustYouTube - https://www.youtube.com/c/INGAUSTOur Blog - http://blog.ing.com.au/ING is a business name of ING Bank (Australia) Limited ABN 24 000 893 292 AFSL 229823, Australian Credit Licence 229823. ING Living Super (which is part of the ING Direct Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you.

UOB22,218 +65 6222 0031

We’re here to do Right By You. At UOB, we aspire to build a better future for the people and businesses in the region. Through our extensive network and suite of capabilities, we offer financial solutions to the people and businesses within, and connecting with ASEAN. We create solutions tailored to your unique needs through data and relationship-led insights. Our comprehensive regional network and one-bank approach connects your business to new opportunities in ASEAN. We help businesses to advance responsibly and guide personal wealth to grow sustainably. We foster inclusiveness and environmental well-being for stronger societies. This is how we stay committed to forging a sustainable future for generations to come. Note: For the terms of use of our LinkedIn channel, please visit: https://go.uob.com/socialmedia

WESTPAC NEW ZEALAND3,972 +64 800 400 600

We’ve been helping New Zealanders find the right financial solutions to suit their lives since 1861. We first opened back then as The Bank of New South Wales, and then changed our name to Westpac in 1982. Along the way we’ve grown stronger by joining forces with the Commercial Bank of Australia and Trust Bank – to become Westpac New Zealand Limited. We bank all sorts of people and businesses – from young children, to first home-owners through to big corporates and the New Zealand Government. Nearly a quarter of all Kiwis bank with Westpac, so we’ve got great experience and knowledge to draw on when it comes to helping people with their very first bank account, all the way through to their retirement.With more than 200 branches, and nearly 500 ATMs, we’re one of New Zealand’s largest banks. We provide a full range of banking and financial services for personal, business and agribusiness banking.A copy of our House Rules can be found here: http://bit.ly/1p0SuxH

OCBC BANK15,704 +65 1800 773 6437

OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker. OCBC Bank and its subsidiaries offer a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services. OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 570 branches and representative offices in 19 countries and regions. These include about 300 branches and offices in Indonesia under subsidiary Bank OCBC NISP, and over 90 branches and offices in Mainland China, Hong Kong SAR and Macau SAR under OCBC Wing Hang. OCBC Bank’s private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients’ goals. OCBC Banks insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.

BANK OF AMERICA205,260 +65 6678 0000

Bank of America is one of the worlds largest financial institutions, serving individuals, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company serves approximately 56 million U.S. consumer and small business relationships. It is among the worlds leading wealth management companies and is a global leader in corporate and investment banking and trading.This LinkedIn company page is moderated. For more information, please visit: https://bit.ly/32FDdQr.For account issues, please visit: https://bit.ly/2GeTIeP.

LGT PRIVATE BANKING2,249 +65 6415 3850

Forward-looking for generationsLGT is an international private bank owned by the Princely Family of Liechtenstein with 23 locations in Europe, Asia, Australia, and the Middle East. Our solid capitalization, long-term thinking, and strategic focus underpin our strong values. These are rooted in 900 years tradition and entrepreneurial thinking. Digitization represents a key pillar of how we continually innovate to find better ways of doing things - today and for the future.Sustainable and social: Sustainability is a pillar of LGTs strategy. Thinking, managing, and investing sustainably are integral parts of our DNA. LGT has committed to reducing the net CO2 emissions from its operations and its investments to zero by 2030.The Princely Family’s view is that wealth itself isnt a purpose, but that it comes with a sense of responsibility. Being wealthy means embracing and acting on that responsibility, as well as passing these values on to the next generation.LGT as an employer: LGT is a vibrant, growing international company and employer. We are certified as a Great Place to Work by the international consulting and research institute of the same name. Whether you have a wealth of experience or are embarking on your first professional steps, LGT careers offer an empowering environment to realize your ambitions.Take your next career step at one of our 23 international locations: www.lgt.com/global-en/career/jobsPublishing information: www.lgt.com/global-en/publishing-information

ST.GEORGE BANK3,791 +61 133330

St.George Bank is one of Australias leading Retail and Business Banks, serving over 2.6 million consumer, business and corporate customers in Australia.With more than 5700 staff and 396 St.George and BankSA retail branches, St.George is known for exceptional service, innovative, award-winning products, and specialist financial advice for retail and business customers. In 2008, St.George and its South Australian brand, BankSA, became part of the Westpac Group.Wed love to have you contribute to our page. Our guidelines for joining the conversation are here: https://www.stgeorge.com.au/contact-us/social-media St.George acknowledges the traditional owners as the custodians of this land, recognising their connection to land, waters and community. We pay our respects to Australias First Peoples, and to their Elders, past, present and future.St.George Bank – A Division of Westpac Banking Corporation ABN 33 007 457 141AFSL and Australian credit licence 233714

SECURITY BANK CORPORATION10,820 +63 2 8708 7087

Security Bank Corporation is one of the Philippines’ leading universal banks serving retail, commercial, corporate and institutional clients. Established on June 18, 1951, Security Bank was publicly-listed with the Philippine Stock Exchange (PSE: SECB) in 1995. Over the years, the Bank prudently managed to remain one of the most stable in the banking industry and is steadfast in its commitment to serve its clients and stakeholders.Security Bank’s major businesses include retail, commercial and corporate banking, and financial markets. It offers a wide range of services including financing and leasing, foreign exchange and stock brokerage, investment banking and asset management through its subsidiaries: SB Cards Corporation, SB Capital Investment Corporation, SB Equities, Inc., SB Forex, Inc., SB Rental, Security Land Corporation, and SBM Leasing, Inc., a joint venture with Marubeni Corporation of Japan, and Security Bank Savings, its thrift bank subsidiary.In 2014, Security Bank embarked on a rebranding campaign to further strengthen market appreciation of its retail banking business which complements its wholesale banking business. At the heart of this goal is to provide priority service and superior customer experience that resonates with a new brand promise, “BetterBanking begins here”.For the complete list of Security Banks awards, you may visit: https://www.securitybank.com/about-us/awards/

WESTPAC16,305 +65 6530 9898

Westpac is Australia’s oldest bank and company, one of four major banking organisations in Australia and one of the largest banks in New Zealand. We provide a broad range of banking and financial services in these markets, including consumer, business and institutional banking and wealth management services. We also have offices in key financial centres around the world including London, New York, Hong Kong and Singapore.Westpac Groups portfolio of financial services brands and businesses is focused on our vision, which is To be one of the world’s great service companies, helping our customers, communities and people to prosper and grow.”We welcome your contributions to our page. Please check our guidelines before you join the conversation: https://www.westpac.com.au/contact-us/social-media/ Westpac acknowledges the traditional owners as the custodians of this land, recognising their connection to land, waters and community. We pay our respects to Australias First Peoples, and to their Elders, past, present and future.Westpac Banking Corporation ABN 33 007 457 141. AFSL and Australian credit licence 233714.

DBS BANK31,927 +65 800 852 6186

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The banks AA- and Aa1 credit ratings are among the highest in the world.Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com

Top Banking Financial Services And Insurance Companies in Philippines

Key Statistics from 2022

In 2022, the Philippines' GDP reached $434 billion, with an annual growth rate of 6.5%. The BFSI Industry contributed 8.7% to the GDP and employed over 1 million professionals, including bankers, financial analysts, insurance agents, and other related occupations.

Factors Contributing to Growth and Success

Government Initiatives

The Philippine government has been proactive in supporting the BFSI Industry through several initiatives:

  • Encouraging financial inclusion by implementing policies and regulations that promote access to financial services, such as mobile banking, microinsurance, and digital payments.
  • Strengthening the regulatory framework for the industry, ensuring financial stability and consumer protection.
  • Supporting the development of the fintech ecosystem, fostering innovation, and attracting investments in the BFSI Industry.

Growing Middle Class

The growing middle class in the Philippines has contributed significantly to the growth of the BFSI Industry. With higher disposable incomes and increasing financial literacy, this segment of the population is driving demand for banking, financial services, and insurance products, such as loans, investment products, and insurance policies.

Industry Growth and Comparison to Previous Years

Compared to 2021, the BFSI Industry experienced a growth rate of 9.1% in 2022. This increase is attributed to the rising demand for banking, financial services, and insurance products across various sectors, such as retail, technology, and manufacturing.

The BFSI Industry has outperformed several other industries in the Philippines. With a growth rate of 9.1% in 2022, it surpassed the overall economic growth of 6.5%. This growth rate also exceeded that of other industries, such as manufacturing, which grew by 5.6%, and the services sector, which expanded by 7.2%.

Key Trends

Technological Disruptions

Technological advancements have significantly impacted the BFSI Industry in the Philippines. Key trends include:

  • The rise of digital banking, enabling customers to access financial services through online and mobile platforms, improving convenience and reducing operational costs for banks.
  • The increasing adoption of data analytics and artificial intelligence in decision-making processes, enhancing risk management, and driving customer-centric product development.
  • The growth of insurtech, leveraging technology to offer innovative insurance products and streamline the insurance value chain.

Challenges

Despite its impressive growth, the BFSI Industry in the Philippines faces several challenges:

  • The need to continuously adapt to rapidly evolving technology trends and emerging digital threats.
  • Ensuring compliance with increasingly complex regulations and maintaining trust with clients and stakeholders.
  • The growing demand for skilled professionals who can navigate the complexities of the global financial landscape and harness emerging technologies effectively.

Future Outlook

The BFSI Industry in the Philippines is expected to continue its growth trajectory in the coming years, driven by:

  • The country's sustained economic growth, which will fuel demand for banking, financial services, and insurance products across various sectors.
  • The continued integration of technology in the BFSI Industry, enabling more efficient and customer-centric services.
  • The increasing importance of financial inclusion and the need for innovative financial products and services to cater to the diverse needs of the Philippine population.

To ensure the industry's long-term success and resilience, it is crucial to address the challenges identified in this article. Key strategies include:

  • Investing in continuous professional development for BFSI professionals to equip them with the skills needed to navigate the rapidly changing financial landscape and stay ahead of emerging trends.
  • Fostering a culture of compliance and transparent practices within the industry to maintain trust with clients and stakeholders.
  • Strengthening partnerships between academia and the industry to ensure that educational programs produce skilled professionals who are prepared to tackle the challenges of the global financial environment.

To maintain the momentum of growth in the BFSI Industry, embracing collaboration and innovation will be essential. The industry must:

  • Encourage collaboration between BFSI professionals and other stakeholders, such as technology companies, government agencies, and non-governmental organizations. This will enable the development of integrated financial solutions that effectively address the needs of diverse clients and industries.
  • Foster a culture of innovation within the industry by providing platforms and opportunities for professionals to share best practices, explore new ideas, and experiment with emerging technologies. This will help drive creative and effective solutions to the challenges faced by the BFSI Industry.

As the BFSI Industry in the Philippines continues to grow, fostering diversity and inclusivity within the industry is crucial. This can be achieved by:

  • Promoting equal opportunities for professionals from various backgrounds, ensuring that the industry is representative of the diverse perspectives and experiences of the country's population.
  • Encouraging the development of financial products and services that cater to diverse clients and industries, taking into account the unique challenges and opportunities each sector presents.

Conclusion

In conclusion, the Banking, Financial Services, and Insurance Industry in the Philippines has emerged as a significant contributor to the country's economy, with impressive growth rates and a promising future outlook. By addressing the challenges faced by the industry and capitalizing on the trends shaping the sector, the Philippines can continue to solidify its position as a regional hub for banking, financial services, and insurance, and a key player in the global financial landscape.

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By Melissa Goh
Published on 26 May 2023