Financial services

The Philippines has a highly developed financial services sector with many global and commercial banks providing a full suite of business services.

Regulations have been put in place to ensure that your investments are protected. There are few requirements for foreign nationals setting up bank accounts in the Philippines, making your investment journey seamless at every stage.

We passed extensive legislation to give you the peace of mind you need to start your investment journey. We grant foreign investors the following legal protections:

Protection of investment
Repatriation of investments
Remittance of earning
Foreign loans and contracts
Freedom from expropriation
Requisition of investment (in the event of war or national emergency)

BANKS

There are more than 45 commercial banks with offices throughout the country, all fit to meet your business needs. All banks are covered by legal protections and foreign nationals are free to set up accounts at any of the leading banks listed below:

National banks:

Asia United Bank
BDO Unibank, Inc.
Bank of Commerce
Bank of the Philippine Islands
China Banking Corporation
CTBC Bank (Philippines) Corporation
Development Bank of the Philippines

If you wish to continue banking with your home bank, there are many international banks registered in the Philippines. An overview of these is provided below:

International banks:

Bank of America
Bank of China
Citibank N.A
Deutsche Bank AG
First Commercial Bank, Ltd.
Industrial Bank of Korea
ING Bank, N.V
Industrial and Commercial Bank of China Limited
JP Morgan Chase Bank, N.A
Standard Chartered Bank

The Philippines Central Bank provides a comprehensive list of all banks operating in the country.

Setting up a bank account: Opening a bank account in the Philippines is simple. Once you have chosen an accredited bank, most demand only basic requirements such as valid identification and proof that you have registered and incorporated your company.

Insurance

There are many insurance companies in the Philippines that cover businesses in all industries. Global insurance companies can offer the following types of insurance for your company:

Professional liability insurance
Property insurance
Workers’ compensation insurance
Home-based businesses
Product liability insurance
Business interruption insurance

Any of the accredited insurance brokers here can assist you in securing the necessary insurance for your business.

Want to learn more about setting up a business in the Philippines?

Get further guidance