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The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks.As of September 30, 2022, [1] there were 45 universal and commercial banks, [2] 44 savings banks, [3] 400 rural and cooperative banks, [4] 40 credit unions and 6,267 non-banks with quasi-banking functions, all licensed by the Bangko Sentral ...
PhilPost recommends the use of postal codes in the country and correct addressing. [3] However, most residents do not use, let alone know how to use ZIP codes, and thus the codes are usually omitted. According to PhilPost, the proper use of ZIP codes assists in letter sorting and reduces letter misrouting. [3]
A ZIP code is composed of a four-digit number representing a locality. Usually, more than one code is issued for areas within Metro Manila, and a single code for each municipality and each city in provinces, with exceptions such as: [1] Davao City with eleven ZIP codes (8000, 8016 to 8026); Antipolo with six ZIP codes (1870 to 1875);
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 (the others being Land Bank of the Philippines and Development Bank of the Philippines), and is the 16th largest thrift banks in terms of assets.
The Philippine postal system has a history spanning over 250 years. In 1767, the first post office in the Philippines was established in the city of Manila, which was later organized under a new postal district of Spain. [4] At first, the postal office served mainly to courier government and church documents.
In 2002, it had nonperforming bad loans of 1.4 billion Philippine pesos, but for 2003 this had increased to 4.18 billion Philippine pesos. As of 2017, the last major loss it took was in 2006 when it lost 500 million Philippine pesos invested in the Centennial Savings Bank and Centennial Financing Corp [ 10 ] [ 11 ]
Rank Bank name Assets (millions of PHP) Asset change Rank change 1 BDO Unibank, Inc. 4,508,065.88: 2 Land Bank of the Philippines (LBP) 3,325,085.09
The bank was established by Alfonso Yuchengco on September 23, 1960, as Rizal Development Bank, a small development bank in Rizal province. [13] It was later upgraded to a commercial bank upon the approval of the Bangko Sentral ng Pilipinas and, in 1963, began operation as such under its present name Rizal Commercial Banking Corporation ( RCBC ).