The combined assets of the Philippines’ largest banks grew at their fastest pace in more than a year during the first quarter of 2026, even as the economy slowed and the Middle East conflict pushed up fuel prices.
According to BusinessWorld’s quarterly banking report, the aggregate assets of 44 universal and commercial banks rose 9.52% year on year to P29.4 trillion in the January-to-March period, up from P26.84 trillion a year earlier. The pace was marginally faster than the 9.51% recorded in the same quarter of 2025 and the 8.54% growth posted in the fourth quarter, marking the quickest expansion since the 10.02% logged at the end of 2024.
BDO Unibank, Inc. maintained its position as the country’s largest bank, with total assets of P5.69 trillion. Metropolitan Bank & Trust Co. (Metrobank) followed with P3.81 trillion and Bank of the Philippine Islands (BPI) with P3.74 trillion. Rounding out the top 10 were Land Bank of the Philippines (P3.47 trillion), China Banking Corp. (P2.22 trillion), Rizal Commercial Banking Corp. (P1.60 trillion), Security Bank Corp. (P1.58 trillion), Union Bank of the Philippines (P1.34 trillion), Philippine National Bank (P1.33 trillion) and Development Bank of the Philippines (P1.04 trillion).
The Sy-led BDO also led in lending, with P3.75 trillion in loans issued during the quarter, and in deposits, holding P4.42 trillion. Among banks with at least P100 billion in assets, BusinessWorld reported that Philippine Veterans Bank logged the fastest asset growth at 44.78%, followed by MUFG Bank Ltd. (20.17%) and Bank of Commerce (19.06%).
Total loans across the big banks expanded 11.44% to P15.63 trillion, the strongest in three quarters, even as economic growth eased to 2.8% in the first quarter — the weakest since the pandemic — and inflation accelerated to 4.1% in March amid rising pump prices. Their nonperforming loan ratio climbed to 3.32%, up from 3.16% a year earlier, while median capital adequacy stayed at 19.08%, well above the Bangko Sentral ng Pilipinas’ 10% regulatory minimum.
