Opening Bank Accounts in the Philippines

The Philippine banking system is more bureaucratic than the U.S. and other Western countries. There are more requirements needed to open a bank account in the Philippines for both individual and corporate (commercial, business) accounts. Foreign nationals are required to show additional documentation and identification, in particular, an alien certificate of registration from the Bureau of Immigration which is time-consuming to obtain. There are many banks located all over Metro Manila and the rest of the Philippines. Luckily, there are also branches in hundreds of provincial cities and even smaller towns outside of Metro Manila and all over the Philippines.

Requirements for Individual Bank Accounts

  1. At least two (2) valid IDs such as:
    • New SSS/GSIS ID
    • Driver’s License
    • Company ID
    • School ID
    • Passport
    • PRC ID
    • Postal ID
    • Marriage contract (original copy)
    • Credit Card of a Reputable Company
    • License to Carry Firearms
  2. Two (2) copies of most recent 1 x 1 ID Picture
  3. Proof of Billing (Meralco, MWSS, PLDT, etc.)
  4. Tax Identification Number

Requirements for Company, Corporate, or Commercial Bank Accounts

  • Articles of Incorporation
  • Certificate of Registration with the Securities and Exchange Commission
  • Corporate By-Laws
  • Board Resolution duly notarized incorporating the following:
    • Authority to open a bank account with LANDBANK
    • List of officers authorized to sign and the nature and extent of such authority
    • Notarized List of Officers, Board of Directors, Stockholders
    • Two (2) valid identification cards of signatorie

List of Banks in the Philippines