Yep, so many Filipinos don't save their hard earned money in the bank, why because the dividend is too small that they'd rather just put it their safety locks at home. Also there are other ways to get a higher dividends thru saving accounts like the state owned PAGIBIG MP2 - this is what I did actually rather than putting it in a bank.
I agree. Also Cooperatives have higher dividends. So there are actually several competitors in the banking industry. Not just the bank entities themselves.
not only that if you died, heirs will have hard time getting their loved ones money in traditional bank, plus the 6% estate tax from it. so some people chose to save cash readily accessible than in banks.
BDO needs to fix their customer support service queue time it can take minimum an hour that you will memorize Pia's line because of it. BDO is overated
because there are so many banks in the Philippines compared to Malaysia or Singapore, the banking assets and revenues are distributed to hundreds of banks, thus it appears that BDO is quite small to DBS and Malayan Bank. but if you added all these assets and revenues of the Philippine Banking System against that of Malaysian and Singapore, I believe the gap is not that significant.
Also most of Philippines neighbors have a monarchy type system of ownership. Their bank systems are easier to centralize since its one group of people making the decision. Philippines has an oligarchy system where the participants have to engage each other in their limited competition without having to destroy each other which makes the assets and investments more spread out.
@@rl8571 nope... All PH banks combined is no match to other ASEAN big banks. Its not a matter of being spread out. PH economy is just so small and bad, that is not capable of generating a lot of wealth for most people.
Ang boss ko marami silang kumpanya dito sa philippines, pero ang pera nila di nila nilalagay sa banko lahat kundi nasa mga proprty. Lalo na sa lupa and buildings, naglalagay lang sila ng pera kapag bayaran na ng mga bills. May pera sila sa banko pero di gaano kalaki, kasi maliit lang ang kinikita. Di gaya ng sa proprty mo iallagay triple o mas mataas pa ang kinita sa pera nila.
As a Filipino, the main problem really is poverty. There's still a lot of Filipinos who are not given the opportunity to work because sometimes companies standardize very high qualifications. So as long as the poverty is high, people won't be able to put something in the bank. The other problem is that, most Filipinos think only about the short-term. It would be a "waste" if you put your money in the bank when you could just keep it and spend it whenever you want to. Another problem related to short-term, is that some Filipinos want low risk high rewards. They choose to put their money on something they think has low risk but has high returns. That is why there are tons of scams here in the Philippines. We can blame the government all we want, but in reality, we (Filipinos) are also part of the problem. The Philippines has a lot of potential, but because of greed, hunger for power, and that Pinoy crab mentality and pride, it will struggle to compete with other ASEAN Countries.
You talk too much with the lack of understanding, are you blaming the people for the corrupted's own mess? Is it because you are part of the corrupted government yourself? Are you one of the scamming BIR staffs that steals more money from the payers so you can have more extra in your pocket even thou it leads to making the payers bankrupt and poor that they can't even pay for their children's food and medication? Shame on you 😡
daming pinoy tinamaan sa comment mo hahhahaha pero that's quite true at some point especially with the low rate and interest that the banks here in Philippines provide. What I have in mind is that learning the stock market should have been a part of the curriculum in college as the public can freely scrape money and oppurtunity though quite high at risk yet trends had showed on multiple reports that countries with higher adult populations who participate in stock trading are also the countries with higher purchasing parity and general economic performance. Just my thoughts but you can read the research on Times Magazine report
The Philippines has a stable banking system now. It has grown from the turmoil of its colonial past and turbulent history. With its strong work force and given a chance for a reliable and stable government, our banking could transcend other banks. It was not affected by the last western recession in 2008 -2016. We even lent money to some cash strapped European countries through The World Bank.
PH PRIDE AGAIN. WHAT U MEAN NOT AFFECTED ? U DUMB? we were affected, it was only saved because of additional taxes and vat imposed. also, because of BPO boomed during those period. without BPO workforce PH economy is doom.
WRONG!!! Don't just compare the top banks; talk about the size of the country's bank assets. FYI: In Malaysia, there are 22 commercial banks, while in the Philippines, there are 45 commercial banks. There are just 4 or 5 Big banks in MY but the rest are completely SMALL. The overall assets in Malaysia amount to 355 billion USD, while in the Philippines, it is 411 billion USD.
What are you talking about? I literally opened a no-maintaining balance account in Unionbank using a single ID and a smartphone. Done in 10 minutes. The same was the case with GoTyme. I even got a debit card for free! If the entire nation has the ability to spend time watching Toni Fowler gyrate on RU-vid, they certainly have the ability to open a simple bank account. You're barking at the wrong tree. Filipinos just don't put enough emphasis in Financial Literacy. They'd rather spend time gossiping about celebrity breakups.
To open bank account now, need Payrol and employment contract in some banks,, the self employed individuals like street food seller cant open bank account but they earned money daily
The top 5% wealthy (who owns most of the country) of the Phils put their money in offshore accounts. So what you see in Phil banks is just the fraction of Filipino wealth
Yes Philippine bank is small compared to other countries. Philippines need to grow like what its doing now for a couple o decade and it will become a powerhouse too.
The banks in the Philippines will not lend to anyone over 65 years old, no matter what their income level. Most senior citizens I know who are over 65 with incomes of over Php500K monthly or Php 6M a year have to borrow from international banks. Mostly Taiwan, the UK, and the USA. The banks here are losing out on a large sector of a huge market. Even many permanent residents with huge incomes must borrow money for large purchases from their home country. I for one had to take out a mortgage on my income properties in the US to build my house on my leased land because foreigners are not allowed to own Philippine property. This is why most of these large income Expats are buying in Japan, Thailand, Malaysia, and Singapore. I am planning to do the same in a year or two.
This is very educational indeed. But with all that in mind, doesn't matter if in what ASEAN country you belong. These banks are all the same - same level of hypocrisy. Those tycoons only cares about their wealth. No more, no less. It's all about capitalism leading to socialism.
Just redo this video in ten years and you’ll see a lot of reversals in economic and banking results. Today’s stagnating giants are tomorrow’s midgets while the Philippines will double by then and continue to grow beyond that.
@@42kallday90 as a nation who grew up watching telenovelas and dramas, they have grown to be EXTREMELY emotional. A typical Filipino can't differentiate between constructive criticism and an insult.. Everything negative taken as an insult. Hence, the whole country being one big butthurt nation.
@@jaames Did I not tell you to stop posting your nonsensical comments! The trouble with you people is that you are incorrigible! And no, it does not hurt! Your ego is the one that’s hurting, because your ignorant comments have been exposed for what they are!
as a filo, we grew up not trusting banks at all. we cash out almost everything once the payday comes but i agree on gcash and paymaya, we use it more today for almost everything without realizing its also a bank 🤣
Gcash isn't technically a bank. They only partner with other digital banks like Uno, Cimb, Maybank and BPI. Nevertheless, I do get your point. They almost act like a bank.
As long as we still tolerate the so called " Toxic Filipino Utang Habit " we are just adding salt to the wounds. Must also include that there are still Filipinos are not educated well enough about Financial Management. 🤷
No matter how big BDO gets, their mobile app and website remains shit as hell. All that revenue growth and assets but can’t invest to improve and modernize their app and website.
One major problem: banks in the Philippines charge a negative interest rate. If there is no movement in your bank account for one year, then the banks charge you a "dormancy fee" which means they take away money from your account. This is a stupid idea because Filipinos think of banks as a way to save for a rainy day rather than as an investment. Putting your money in a bank and letting the banks use it productively by not touching it means you get penalized instead of being rewarded. That is why wise Filipinos would rather keep their money in cash under their bed, buy land with it, or open a small business rather than save it in a bank which penalizes you for letting them keep your money for long. Unless laws are changed to encourage Filipinos to save their cash in banks rather than under their bed where they are safer (for various definitions of "safe") the banking industry in the Philippines will remain smaller than those of their neighbors.
The banks here suck. Getting a refund from a cancelled transaction takes ages to come. Meanwhile they charge you for just about any service, even for over the counter withdrawal! These days I just immediately cash in my pay check. The interest is useless anyway
Philippine banks are horrible with huge high interest rates and no basis for credit except your monthly income. An auto loan will have you on 25-37% interest.
Thats why the car and housing foreclosure is very high in the Philippines, which is highly favourable to the bank as they will just claim this as bad debts and offset against their income, thus they pay lesser income tax or nothing at all. And they will loan again these foreclosed assets to poor consumers with higher interest with the expectation that borrowers will become delinquent again…..a very lucrative business where they only pay their depositors with peanut interests for their money. Thus BSP should look into this unfathomable interest rates being passed by the banks to borrowers. 😡😡😡
Credit basis - we already have the Credit Information Corporation since 2018 that has Transunion one of the many data sources. Arguably, it has been very easy to gain credit nowadays as almost, if not all local banks utilize those reports in their decision making. I will have to agree with the auto loans, though.
It's not actually fair for the Philippines to be compared to other countries because the Philippines is unique, in that the Philippines is RESTRICTIVE TO FDIs, too restrictive in fact that restrictions are HARDCODED IN ITS CONSTITUTION. That's precisely why the Philippines' economy is still smaller than its peers as it was pointed out in this video -- because other countries are simply not that restrictive to FDIs, if at all -- at least, restrictions to FDIs are NOT hardcoded in their respective constitutions. Now, what do FDIs have to do with economic growth then, you might ask? Simple -- the more multinational companies that enter the market -- the more employment they will generate, and the more people that are employed, then there are more people who will have income, and the more people that have income, the more they are financially empowered to have disposable income, and the more that they will have the money to invest in many things -- ONE OF WHICH IS IN BANKS. That's how FDIs help a country grow its economy. FDIs that the Philippines don't have much of, thanks to restrictions being hardcoded in its Constitution.
Philiippones have 43 major bank and theiir branch scatteeing in the ph with 43 trift bank also scatter in ph witg 300 plus rural bank with branches also and land bank and development are the government bank with so many branch also
Some people in the Philippines wasn't interested in Banks because of low P.A, they are interested in KAPA because it will double their investment within a month and they got scammed lol. The problem of the Philippines is not the government but it the people attitudes, they want instant money.
In terms of total assets, Vietcombank is only ranked 4th in Vietnam after BIDV, Agribank and Vietinbank. Vietcombank is just the largest bank on the stock exchange.
What matters is with bank or no bank you pray to jesus cause wealth will not bring you to heaven, all material things on earth will still be left behind
Malaysia is not small country, in fact thier land area are more bigger than philippines. The difference is thier population are 3x lower than philippines
How come BPI didn't explain? Are you only promoting the BDO? BANKO PILIPINO or BPI is owned by Government which has a role to balance the Money flows and will not abuse by private Companies like BDO which can cover a large portion of ownership in the Government which is a Oligarch power. If those companies will run the Philippines then they can control the People and the price tag of stocks price. That's why there is BPI to secure the government and it's people's lives and safety. It's not all about how many banks or money you have. It's about the government public services and restrain corruption and abusive oligarch ownerships in the Government officials. How many banks you have if those banks owned by private companies then there is not protection for it's citizens security against price, services, public laws as so on. Wake up
Ang 3 bangko kc na yan inakay ng mga aarte sangkaterbang id ang requirements may salita ka pang maririnig na wala ka naman pala trabaho bat ka mag babangko hindi pa naman nila nalalaman kung saan at paano magkaka pera un tao syempre napahiya na un tao at nasaktan un ang itsitsismis nya sa mga tao kaya d na rin magbabangko un mga tao na nakaalam sa dinanas nya
Very true, that a lot of the Pilipino have no bank accounts yet. Philippines had over three decades of set backs since PFEM was betrayed. So here’s our chance again, this time God willing na protectahan ang mahal na PBBM, sa mga kung anoman na mga plano ng mga oposisyon etc . 🙏🙏🙏❤️❤️❤️
Believe it or not, the Philippine banking system is very stable. The country's Central Bank is one of the best in the world, when recession hit, the Philippines managed to be fiscally stable and the Central Bank helped avoid the recession implications to deepen. Lastly it's a miracle how the said agency managed to keep inflation from going out of control due to fiscal mismanagement by the government. Lol.
BDO is the shittiest bank in the PH, their ATMs are very slow and unintuitive and OLD. their Customer service will have you 2-3 hours on queue, then disconnects you. BDO is SHITTY GREEDY BANK.
