Best Philippines Banks

Best Philippines Banks

Best Philippines Banks

The best Philippines banks according to the people that use them is Bank of China. There is very little information on what their rates are, but their service is what has set them a pert for the other competitors.

The largest bank in the Philippines by assets is Banco de Oro. They took over this standing in 2007 from MetroBank. The oldest bank is the Bank of the Philippines Islands.

The system of banking is different in this country than in other places of the world. The last time the banks had a run on their deposits was in the early 1980s. Since that time most citizens of the Philippines do not use the banks for holding their money. As a result only 5% of the population has active accounts.

The last time numerous banks were closed in a week was in 2008 when 10 were closed in December of that year. This was in no way related to the subprime fiasco the rest of the world was going thru but because of suspected corruption within the bank itself in dealings with the money on deposit.

Because businesses have large cash flows, they have no choice but to use the banks. Of all the banks in the Philippines, MetroBank is the favored one for local businesses to do their financial matters with.

If you need to find out about local bank rates, inquires at any of the branch offices can help you. What is really different about going to the banks in the Philippines as compared to the western part of the world is the doors are always locked and manned by armed guards with shot guns and M16s.

They also offer mortgages but the system is different. Here you need a down payment of 80% of the homes worth to borrow money in most instances.

As for the best Philippines banks, most citizens and foreigners use the money exchangers at the pawn shops. It is less of a hassle, better hours and better rates. As for security, they too have armed guards with shot guns and M16s loaded and ready for use.