The oldest bank in the Philippines is BPI and, which stands for Bank of the Philippine Islands. This is the most profitable bank that exists in the country and its number of employees is 13,000 people. The main headquarters of the Bank is in Makati.
It is one of the oldest banks in the Philippines and has received many national and international awards. Being the most popular bank among Filipinos it is no wonder that it offers the best financial and banking services to its customers.
This is the most successful bank that currently operates in the Philippines and it was established in the year 1851. It was a very prosperous time for the country because there were no banks in the region yet. In addition, there were no banks in other Southeast Asian countries either.
The original name of the bank reflects the Philippine Spanish of Isabel II is named after the queen of Spain and was for several decades under the auspices of the Spanish monarchy.
After the revolution of 1869 the name of this bank was changed and from 1912 it was known as the Philippine Spanish bank. Since the twenties of the last century, the Law of the Republic allowed the name of this bank to be changed to BPI, the name which is used today.
The first branch of this bank was opened in 1897. Over time, other branches were opened and today this bank has more than 800 branches throughout the country. In addition, it also has an extensive network of ATMs to provide its customers with banking services.
Another advantage of this bank is that it has also developed online banking with one of the most innovative platforms in the banking sector in the Philippines.
It is one of the strongest banks that exists in this country. Furthermore, it offers quality services to its customers.
You only have to complete a personal loan form that you can find in the main branches of the bank. In addition, documents such as proof of income, valid identification cards, etc. may be requested.
In order to repay your loan on time, you can make payments by auto debit in your bank deposit account.
The applicant, as a general rule, must be Filipino and, in addition, the employees must have been working for at least 2 years in the same company and be free of credit obligations or any type of outstanding debt.
If you want to obtain a personal loan with this bank, you can make a request from a minimum of 20,000 PHP to a maximum of 1,000,000 PHP.
In addition, the return period can range from 12 to 36 months.
You must take into account that there is a commission to process your application that costs around 1,500 PHP although this is a normal fee that is requested by all Philippine banks.
You can repay your loan early without any type of commission being charged.
In addition, as happens in other Philippine banks, if you do not pay your loan fee on time, you will have to pay an additional 5% per month on any outstanding balance you may have.
Interest rates on personal loans through this bank are 1% and the interest rate is monthly. The effective interest rate can range from 25 to 26% depending on the repayment term of your loan.
The advantages offered by this bank in the Philippines are the following:
One of the main disadvantages of requesting a personal loan through this financial institution is that you will have to pay commission. But, taking into account that this must also be paid at other banks, it is worth paying this commission since you will be working with a prestigious bank that will offer you total security and safety.
As a general rule, customers are satisfied with the service offered by the banking institution.
It offers a wide range of financial services and products to its customers. In addition, they have an extensive network of branches and ATMs throughout the country.
They offer personal loans, bank accounts, debit or credit cards to repeat customers.
If you want to access the customer service of this bank, you simply have to visit one of the branches that you can find in the main cities of the Philippines. You can also contact them through their phone number or by email. All this data can be found on the official website of this bank.