Banking in the Philippines - statistics & facts
From less than 30 percent of Filipinos having formal accounts with financial institutions, account ownership nearly doubled in 2021—thanks largely to the rise of e-money accounts. Mobile wallet providers have enabled millions to access financial services traditionally available only to bank customers. While the banked population continues to grow, e-money and digital banking have significantly expanded the reach and accessibility of financial services nationwide.
The banking industry is a major contributor to the Philippine economy, generating around 1.3 trillion Philippine pesos in 2024. The value of assets held by the Philippine banking system has shown steady growth in recent years, while the ratio of nonperforming loans (NPLs) has remained below four percent. To further address Filipinos' banking needs and drive economic growth, ongoing reforms are expected across the sector.
On the other hand, thrift banks—including savings and mortgage banks—focus on collecting and investing depositors’ funds and offer both short- and long-term financing. Rural and cooperative banks provide essential financial services to rural communities, with special assistance for farmers. Islamic banks cater to Muslim Filipinos, operating in accordance with Islamic law.
Additionally, several banks now offer digital onboarding, letting customers open accounts from home. As of December 2024, six digital banks have been licensed, with more expected in 2025. Maya Bank leads in asset value among digital banks, with GoTyme Bank following.
Expanded financial inclusion measures have improved Filipinos’ access to a diverse range of financial services beyond traditional banking. As the industry continues to grow, digital banks and e-money platforms are positioned to further strengthen the Philippine banking infrastructure.
The banking industry is a major contributor to the Philippine economy, generating around 1.3 trillion Philippine pesos in 2024. The value of assets held by the Philippine banking system has shown steady growth in recent years, while the ratio of nonperforming loans (NPLs) has remained below four percent. To further address Filipinos' banking needs and drive economic growth, ongoing reforms are expected across the sector.
Philippine banking system overview
The Bangko Sentral ng Pilipinas (BSP), the nation’s central bank, regulates all banks in the country. Philippine banks are classified as universal, commercial, thrift, rural, cooperative, and Islamic banks. Universal banks offer a wide range of services, including investment, commercial and development banking, mutual funds, and housing loans. Commercial banks—privately owned institutions—are the largest financial group and most popular among customers for their extensive service offerings. Notably, BDO Unibank Inc., Metropolitan Bank & Trust Company, and Land Bank of the Philippines rank among the largest universal and commercial banks by total assets.On the other hand, thrift banks—including savings and mortgage banks—focus on collecting and investing depositors’ funds and offer both short- and long-term financing. Rural and cooperative banks provide essential financial services to rural communities, with special assistance for farmers. Islamic banks cater to Muslim Filipinos, operating in accordance with Islamic law.
Digital banking driving financial inclusion
Efforts to promote formal account ownership have resulted in a substantial increase in Filipinos with financial accounts. According to the Philippine Central Bank’s Financial Inclusion Survey, ownership nearly doubled between 2019 and 2021, spurred by the accessibility of e-money accounts and mobile wallets. These platforms simplify account opening, allow easy money transfers, and facilitate convenient online payments.Additionally, several banks now offer digital onboarding, letting customers open accounts from home. As of December 2024, six digital banks have been licensed, with more expected in 2025. Maya Bank leads in asset value among digital banks, with GoTyme Bank following.
Expanded financial inclusion measures have improved Filipinos’ access to a diverse range of financial services beyond traditional banking. As the industry continues to grow, digital banks and e-money platforms are positioned to further strengthen the Philippine banking infrastructure.
