The Development Bank of the Philippines (DBP) is a state-owned development bank headquartered in Makati, Philippines.
Land Bank of the Philippines, is a government-owned bank in the Philippines with a special focus on serving the needs of farmers and fishermen. While it provides the services of a universal bank, it is officially classified as a "specialized government bank" with a universal banking license.
Eduardo "Danding" Murphy Cojuangco Jr. was a Filipino businessman and politician. He was the chairman and CEO of San Miguel Corporation, the largest food and beverage corporation in the Philippines and Southeast Asia. He served as a Philippine ambassador and governor of Tarlac. In 2016, his personal wealth was estimated at US$1.16 billion, and it was estimated that at one time, his business empire accounted for 25% of the gross national product of the Philippines.
Expressnet is an interbank network connecting the ATM networks of seven major banks in the Philippines. It has the second-largest number of ATMs and the smallest number of customers and member banks. However, its strength among the interbank networks and the ubiquity of BPI ATMs have given birth to the Expressnet motto: "The Powerful Connection".
BancNet is a Philippine-based interbank network connecting the ATM networks of local and offshore banks, and the country's single interbank network in the Philippines in terms of the number of member banks and annual transactions. Due to its status as the country's single ATM switch operator, it is designated by the Bangko Sentral ng Pilipinas (BSP) as the country's national ATM network.
BDO Unibank, Inc., commonly known as Banco de Oro (BDO), is a Philippine banking company based in Mandaluyong. In terms of total assets, the firm is the largest bank in the Philippines and 15th largest in Southeast Asia as of March 31, 2016. BDO Unibank is also a member of SM Group. It is also the largest bank in the country by market capitalization.
The Metropolitan Bank & Trust Company, commonly known as Metrobank, is the fourth largest bank in the Philippines. It offers various financial services, from regular banking to insurance. It is the commercial and retail banking arm of GT Capital Holdings Inc.
Equitable PCI Bank, Inc. was one of the largest banks in the Philippines, being the third-largest bank in terms of assets. It was the largest bank before it was overtaken by Metrobank in 1995. It is the result of the merger of Equitable Banking Corporation and Philippine Commercial International Bank or PCIBank. It was known for a wide range of services from savings to insurance and, through its wholly owned subsidiary Equitable Card Network, was the largest Philippine credit card issuer. The bank merged with Banco de Oro Universal Bank in early 2007, and is now branded as BDO as its new identity as part of the new Banco de Oro Unibank, Inc.
MegaLink is a Philippine-based developer of mobile and banking software as well as a service provider for banks, specifically for Automatic Teller Machine (ATM) networks and point of sale systems for banks. From its establishment in 1989 until 2015, it has pioneered in the interconnectivity of several banks in the country by being the first Interbank Network with different banks as its members.
The Union Bank of the Philippines, Inc., more commonly known as UnionBank, is one of the universal banks in the Philippines and the ninth largest bank in the country by assets.
China Banking Corporation, commonly known as Chinabank, is a Filipino bank established in 1920. It was the first privately owned local commercial bank in the Philippines initially catering to the banking needs of Chinese Filipino entrepreneurs. The bank offers a wide range of banking services, including deposits, investments, trust, cash management, remittance, and loans. It also offers insurance brokerage, stock brokerage, and bancassurance services through its subsidiaries and affiliate.
The Rizal Commercial Banking Corporation, commonly known as RCBC, is one of the largest universal banks in the Philippines with total consolidated resources of Ph₱ 1.2 trillion. It was established in 1960 as a development bank and is licensed by the Bangko Sentral ng Pilipinas (BSP) for both commercial and investment banking. It is currently headquartered at RCBC Plaza in Makati, Metro Manila.
The Philippine Bank of Communications, more commonly known as PBCOM, is a universal bank in the Philippines. It was founded in 1939. The bank's headquarters, PBCom Tower, located in Makati, is the second-tallest building in the Philippines.
The Overseas Filipino Bank (OFBank) is the state-owned digital-only, branchless bank in the Philippines. Formerly known as the Philippine Postal Savings Bank (PPSB) or PostBank, it is the smallest of the Philippines' three state-owned banks, and is the 16th largest thrift banks in terms of assets. Its services are catered to the needs of Overseas Filipinos (OFs), Overseas Filipino Worker (OFWs), and their families or beneficiaries. Since 2018, it has been a subsidiary of LandBank.
The Coco Levy Fund Scam was a controversy in the 1970s and 1980s in the Philippines involving former President Ferdinand Marcos and his cronies. It was alleged that Marcos, Danding Cojuangco, Juan Ponce Enrile, and others conspired to tax coconut farmers, promising them the development of the coconut industry and a share of the investments, but on the contrary used the collection fund for personal profit, particularly in the purchase of United Coconut Planters Bank (UCPB) and a majority stake in San Miguel Corporation (SMC), to name a few.
In the Philippines, a government-owned and controlled corporation (GOCC), sometimes with an "and/or", is a state-owned enterprise that conducts both commercial and non-commercial activity. Examples of the latter would be the Government Service Insurance System (GSIS), a social security system for government employees. There are 219 GOCCs as of 2022. GOCCs both receive subsidies and pay dividends to the national government. A government-owned or controlled corporation is a stock or a non-stock corporation, whether performing governmental or proprietary functions, which is directly chartered by a special law or if organized under the general corporation law is owned or controlled by the government directly, or indirectly through a parent corporation or subsidiary corporation, to the extent of at least a majority of its outstanding capital stock or of its outstanding voting capital stock.
Certain associates of former Philippine President Ferdinand Marcos, historically referred to using the catchphrase "Marcos cronies", benefited from their friendship with Marcos – whether in terms of legal assistance, political favors, or facilitation of business monopolies, during his administration. Marcos critics, and the local and international press began referring to these individuals as "cronies" during the latter days of the Marcos dictatorship, and the Philippine government – especially the Presidential Commission on Good Government (PCGG) – continued using the term after the ouster of Marcos in 1986.
During the administration of former Philippine president Ferdinand Marcos (1965–1986) select businesses were favored and patronized by Marcos, receiving financial support, sole patronage, tax exemptions, and control over entire industries rendering these businesses as monopolies. Friends and relatives of Marcos acquired staggering wealth and economic power due to special favors and privileges extended by the administration. While Marcos associates enjoyed government bailout even during the decline of their firms, other businesses suffered high taxes, sanctions, and other unjust treatments that forced them to close up, or to sell their shares. The majority of monopolies linked to Ferdinand Marcos are managed by his close associates, also regarded as cronies by critics. Former First Lady Imelda Marcos insinuated that the Marcoses controlled the majority of the industries in the Philippines. In a 1988 interview, she stated, "We practically own everything in the Philippines—from electricity, telecommunications, airline, banking, beer and tobacco, newspaper publishing, television stations, shipping, oil and mining, hotels and beach resorts, down to coconut milling, small farms, real estate and insurance."
City Savings Bank, commonly known as CitySavings, is a thrift bank subsidiary of Union Bank of the Philippines and established in 1965, founded in Cebu City and also member of the Aboitiz Group of Companies. City Savings is regulated by the Bangko Sentral ng Pilipinas. Its corporate office is located at the UnionBank Plaza, Meralco Avenue corner Sapphire and Onyx Streets, Ortigas Center, Pasig, Metro Manila.
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