The Oldest Bank in the Philippines
The oldest bank in the Philippines is a cornerstone of the nation’s financial heritage. Founded in 1851, it pioneered modern banking not only in the country but across Southeast Asia. If you’ve ever asked, “What is the oldest bank in the Philippines?”, this article dives into its colonial roots, survival through wars and revolutions, and how it helped shape the nation’s financial system.
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We’ll also uncover the second oldest bank in the Philippines and rank the top 10 oldest banks still operating today. By tracing the oldest bank established in the Philippines and still existing today, you’ll gain a deeper understanding of the country’s economic resilience and institutional legacy.
Fun Fact: The oldest bank’s early operations included issuing the first banknotes in the country, long before the Central Bank was even created.
Which Bank Is Considered the Oldest Existing Bank in the Philippines?
Which bank is considered the oldest existing bank in the Philippines? The answer is the Bank of the Philippine Islands (BPI). Established on August 1, 1851, during the Spanish colonial era, it was originally named El Banco Español Filipino de Isabel II. This pioneering institution became the first bank in Southeast Asia and laid the groundwork for organized banking in the region.
Key Milestones:
- 1852 – First bank to issue Philippine pesos
- 1912 – Renamed as Bank of the Philippine Islands (BPI)
- 1940s – Operations continued despite the devastation of World War II
- Today – A universal bank under the Ayala Corporation, known for leading digital transformation in Philippine banking
With over 170 years of service, BPI represents not only financial longevity but also adaptability in the face of revolutions, economic shifts, and technological change.
The Second Oldest Bank in the Philippines
While BPI holds the top spot, the second oldest bank in the Philippines is China Banking Corporation, more commonly known as Chinabank. Founded in 1920, this 2nd oldest bank in the Philippines originally focused on supporting the business needs of Chinese-Filipino entrepreneurs, especially in the trading and manufacturing sectors.
Unlike the oldest bank established in the Philippines and still existing today, Chinabank built its legacy during a period of rising nationalism and economic rebuilding. It seized opportunities during the post-WWII industrialization era, growing its asset base and expanding into retail and commercial banking.
Notable Highlights:
- 1920 – Founded in Binondo, Manila
- 1940s–50s – Survived the war and supported economic recovery
- Today – One of the Philippines’ top universal banks, with a strong presence in SME and corporate banking
Top 10 Oldest Banks in the Philippines
Beyond the oldest bank in the Philippines—BPI—this top 10 oldest bank in the Philippines list features institutions that have helped build the country’s financial backbone. These banks have endured colonization, world wars, political transitions, and financial downturns—proving their historical and economic significance.
Top 10 Oldest Banks in the Philippines:
- Bank of the Philippine Islands (BPI) – Founded in 1851. The oldest bank in the Philippines and Southeast Asia; pioneer in banknote issuance and digital banking.
- Philippine National Bank (PNB) – Established in 1916. Originally a government-owned bank for agricultural and industrial development.
- China Banking Corporation (Chinabank) – Founded in 1920. The second oldest bank in the Philippines, known for serving Chinese-Filipino traders and expanding post-WWII.
- Land Bank of the Philippines (LandBank) – Established in 1963. Government bank focused on agricultural financing and rural development.
- Metropolitan Bank and Trust Company (Metrobank) – Founded in 1962. A universal bank with global reach and diverse financial services.
- Development Bank of the Philippines (DBP) – Formed in 1947. A development-focused institution supporting infrastructure and industrial projects.
- Philippine Veterans Bank (PVB) – Established in 1963. Created to manage and return veterans’ benefits; rebuilt after martial law-era shutdowns.
- Rizal Commercial Banking Corporation (RCBC) – Founded in 1960. Known for its strong corporate banking and remittance services.
- Security Bank Corporation – Established in 1951. Originally focused on business clients, now a major player in retail banking.
- United Coconut Planters Bank (UCPB) – Formed in 1963. Initially catering to the coconut industry, later expanded nationwide.
Legacy of the Oldest Bank Established in the Philippines and Still Existing Today
The oldest bank established in the Philippines and still existing today, the Bank of the Philippine Islands (BPI), is more than a financial institution—it’s a living chronicle of the country’s evolution. Established in 1851, BPI has weathered revolutions, economic collapses, and global crises, all while continuously modernizing its services.
From issuing Spanish colonial banknotes to launching AI-powered mobile apps, BPI’s 170+ years mirror the Philippines’ own story of resilience and reinvention.
Historical Milestones:
- 1896 – Operated during the Philippine Revolution
- 1983 – Endured the political and financial instability following the Aquino assassination
- 2020 – Adapted quickly to pandemic disruptions with digital banking solutions
Its legacy isn’t just about being first—it’s about lasting impact, sustained trust, and national significance.
Why These Historic Banks Still Matter
The oldest bank in the Philippines, along with the top 10 oldest banks, represents more than institutional longevity—they embody the economic, political, and cultural shifts of the nation. Knowing which bank is considered the oldest existing bank in the Philippines is more than trivia—it’s a gateway to understanding how the country’s financial sector grew from colonial foundations to today’s digital age.
From BPI’s 1851 founding to Chinabank’s service to entrepreneurs in 1920, these legacy banks continue to shape modern Philippine banking. Their history reminds us that resilience, adaptability, and innovation are timeless traits.
Frequently Asked Questions (FAQ)
Is BPI the first bank in the Philippines?
Yes, BPI—founded in 1851 as El Banco Español Filipino de Isabel II—is the first and oldest bank in the Philippines.
Which is the 2nd oldest bank in the Philippines?
The second oldest bank in the Philippines is China Banking Corporation, established in 1920.
Is the oldest Philippine bank still in operation?
Yes. The oldest bank established in the Philippines and still existing today is BPI. It remains one of the country’s largest universal banks under Ayala Corporation.
Can I visit BPI’s original building?
Yes. BPI’s original Spanish-era branch in Iloilo still stands as a heritage site. Some other early branches have been preserved or integrated into museums.