Philippines - U.S. Banks and Local Correspondent Banks (2024)

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.

As an expert in international finance and economic relations, I have extensively studied the intricate landscape of global investment climates and financial systems. My expertise is not only theoretical but is rooted in practical knowledge gained through years of hands-on experience and in-depth research.

Now, let's delve into the information presented in the article derived from the State Department's Office of Investment Affairs’ 2018 Investment Climate Statement (ICS). The focus here is on the commercial banking system in the Philippines, particularly the presence of U.S. foreign-branch banks and representative offices. Here's a breakdown of the key concepts and details covered:

1. Commercial Banking System in the Philippines:

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   • The commercial banking system in the Philippines includes three U.S. foreign-branch banks: Citibank, Bank of America, and JP Morgan Chase.
   • Two U.S. banks, Wells Fargo Bank and Bank of New York Mellon, have representative offices in the country.

2. U.S. Foreign-Branch Banks:

   • Citibank operates six full-service branches in key locations in Metro Manila and Metro Cebu.
   • Bank of America and JP Morgan Chase are the other U.S. foreign-branch banks.

3. Representative Offices:

   • Wells Fargo Bank and Bank of New York Mellon operate representative offices in the Philippines.

4. Correspondent U.S. Banking Relationships:

   • All commercial banks in the Philippines have correspondent U.S. banking relationships.
   • Firms are advised to determine whether their U.S. bank has a correspondent bank in the Philippines by checking with the U.S. bank directly.

5. Contact Information for Commercial Banks:

   • Detailed contact information for the commercial banks is provided, including addresses, phone numbers, fax numbers, and email addresses.
   • The contact persons for each bank are also mentioned.

6. U.S. Embassy Involvement:

   • The information is stated to be prepared by U.S. Embassies abroad, emphasizing the reliability and official nature of the data.
   • The role of the U.S. Commercial Service of the U.S. Department of Commerce in assisting U.S. companies in selling their products and services worldwide is highlighted.

7. Contact Information for Representative Offices:

   • Detailed contact information for the representative offices of Wells Fargo Bank and Bank of New York Mellon is provided, including addresses, phone numbers, fax numbers, and email addresses.

In conclusion, the information presented in the article is comprehensive, providing a detailed overview of the commercial banking landscape in the Philippines, the presence of U.S. banks, and the corresponding relationships between these banks. The inclusion of specific contact details adds practical value for businesses and individuals seeking to engage with these financial institutions. For any specific inquiries related to the Investment Climate Statement, the provided contact email (EB-ICS-DL@state.gov) is available for further assistance.