banks in the Philippines

LIST: Forbes’ best Philippine banks in 2024

Lance Spencer Yu

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LIST: Forbes’ best Philippine banks in 2024

BUSINESS HUB. A view of the Makati City skyline on June 2, 2022.

Mau Victa/Rappler

All but one of the digital banks in the Philippines make it to the list of best banks in 2024

MANILA, Philippines – From being named the second-best bank in the Philippines in 2023, Philippine National Bank (PNB) rose to claim the top spot in 2024.

PNB is 2024’s best bank in the Philippines according to Forbes. The Tan-owned bank is far from being the biggest bank in the country or even the biggest in Forbes’ ranking. It is, however, the largest and oldest among the top five in the list.

Here is the full list of Forbes’ top banks in the Philippines.

BankTotal assets
1. Philippine National Bank (PNB)P1,208,604,868,506.61
2. Union Bank of the Philippines (UBP)P990,181,653,612.34
3. Maya BankP28,080,812,326.08
4. Overseas Filipino Bank (OFBank)P4,761,729,667.40
5. UnionDigital BankP22,472,874,783.46
6. Unobank (UNO)P6,828,631,324.47
7. GoTyme BankP16,803,122,939.48
8. Land Bank of the Philippines (LBP)P3,270,171,630,280.18
9. Metropolitan Bank & Trust (Metrobank)P3,057,147,730,887.12

Aboitiz-owned UBP came in as the second top bank in the list. It was followed by digital banks Maya, OFBank, and UnionDigital Bank to round out the top five.

CIMB Bank, which was Forbes’ top Philippine bank in 2023, did not make it to the 2024 list. Two of the country’s largest banks – Bank of the Philippine Islands and BDO Unibank – also did not make the list this year.

Instead, Forbes’ 2024 list is dominated by digital banks. The Philippines has seen a rise in digital banking since 2021, which was when the central bank allowed new financial institutions to go all-digital and drop their physical bank branches. Among the six digital banks in the Philippines, only Tonik Digital Bank did not make it to the list. (READ: Digital bank Maya expects to break even in 2024)

“Faced with a confluence of shifting factors – including tech advancements, generative AI, high interest rates, increased institutional oversight, and evolving customer expectations – banks are being called on to adjust their business and operating models,” Forbes said, which could explain why young, digital banks have ranked highly.

To determine the world’s best banks, Forbes partnered with market research company Statista. More than 49,000 individuals were surveyed across 33 countries and in 17 languages. Participants were asked to rate their overall satisfaction with each bank, along with scoring the banks based on five criteria:

  • Trustworthiness
  • Terms and conditions (fees and rates)
  • Customer service (wait times and helpfulness of employees)
  • Digital services (ease of using the bank’s website and app)
  • Quality of financial advice

Banks with the highest final scores in their respective countries were the ones included in the list. –

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Lance Spencer Yu

Lance Spencer Yu is a multimedia reporter who covers the transportation, tourism, infrastructure, finance, agriculture, and corporate sectors, as well as macroeconomic issues.