One of the most important decisions you will make as a business owner is choosing the right bank to handle your company finances.
It’s always best to choose a bank that can provide tailored financial services to meet your specific business needs. Your banking partner can significantly affect your business operations in the short-term. In the long-term, it will also affect your financial stability and growth prospects. Having a good bank improves your chances of getting affordable business loans with favorable financing terms. A proactive relationship manager can also get you into bank programs to optimize your finances.
In the Philippines, several banks offer specialized banking solutions for small and medium-sized enterprises (SMEs). However, some banks exclusively focus on corporate and SME markets. With so many options available, it is crucial to conduct thorough research and evaluate each bank's offerings to make an informed decision.
One SME bank that has established itself as a reliable financial institution is Philippine Business Bank. In this guide, we will discuss everything you need to know about Philippine Business Bank, including the bank's history, products and services, and advantages and disadvantages. By the end of this guide, you should have a better understanding of whether Philippine Business Bank is the right financial institution for you.
What bank is Philippine Business Bank?
Philippine Business Bank is a Philippine savings bank for SMEs and individuals. It was founded in 1997 as Total Savings Bank before changing its name in the same year. It is owned by Alfredo Yao, who is also the founder of Philippine companies Zesto Corp. and Macay Holdings.
The bank has various SME products and services, including deposit and investment services, cash management tools, and SME loans. In addition, they also provide consumer services such as personal loans and savings accounts.
Philippine Business Bank is listed in the Philippine Stock Exchange, having launched its initial public offering on February 2013. It is one of the largest thrift banks in the Philippines.
What services does Philippine Business Bank offer?
Commercial, Industrial, Developmental, and Business Loans
• Bills Purchase
• Term Loan
• Omnibus Line
• Discounting Line
• Trade Finance
• Agricultural Loans
• Floor Stock / Inventory Financing
• Bus Loan
• Contract to Sell (CTS) Financing Facilities
Consumer Loans
• Auto Loan
• Salary Loan
• Housing Loan
Consumer Deposit and Investment Services
• Savings/Savings Account
• Checking/Checking Account
• Automatic Transfer Account (ATA)
• Time Deposit
• SSS Pensioners Account
• CASA (ATA) (Auto-Transfer) for individual and corporate
• Campus Savers
• Hi-Green Funds
• Hi-5 TD
• US Dollar Savings
• US Dollar Time Deposit
• Chinese Yuan Savings (Non-interest bearing)
Trust Products and Services
• PBB Diamond Fund (UITF)
• Living Trust
• Employee Benefit Plans Under Trust
• Trustee of Pre-Need Plans
• Escrow Agency
• Mortgage Trust
• Investment Management Arrangement / Personal or Corporate
Other Business Services
• Payroll account
• Remittance Services
• Local Payment Orders
• Foreign Drafts
• Safety Deposit Box Facilities
• Night Depository Box at selected Philippine Business Bank branches
• Group Payroll Services
• Bills Payment/Collection Services
• SSS Payments/PhilHealth
Does Philippine Business Bank have online banking?
Philippine Business Bank online banking is available, but it is limited to the following services:
- Balance Inquiry
- Intrabank Fund Transfer
- Interbank Fund Transfer
- Checkbook Reorder
- Transaction Log
- Bills Payment to limited merchants
Instead of creating an online account, you will have to type in your ATM card number, account type, and ATM pin for every transaction at their online banking website: https://www.bancnetonline.com/apps/jsp/bancnet/pbbIPMainPage.jsp?bnkname=7927
You can also make online bank transfers to your Philippine Business Bank accounts through e-wallets and banking apps with Instapay and PesoNET.
How can I contact Philippine Business Bank?
You will have to call their trunkline at (632) 8363-3333 or visit a branch for your banking concerns, as they don’t have any online customer service support. The Philippine Business Bank website also posts updates regularly.
Advantages of banking with Philippine Business Bank
One of the key advantages of banking with Philippine Business Bank is its focus on small and medium-sized enterprises. The bank understands the unique needs of these businesses and offers customized financial solutions to help them grow and expand.
Philippine Business Bank offers a wider variety of industry-specific business loans — such as agricultural loans and bus loans.
They have a lower barrier of entry for checking and time deposit compared to more known banks. For checking, you only need a minimum initial placement of Php 4,000 for individual accounts and Php 10,000 for corporate accounts. For individual time deposit, the minimum initial placement is Php 1,000.
Compared to bigger-scale banks like BPI and BDO, Philippine Business Bank serves a smaller set of clients. This gives them the opportunity to provide more focused service and the opportunity to build a stronger business relationship.
Disadvantages of banking with Philippine Business Bank
Aside from limited online banking services, Philippine Business Bank does not have an app. This may be an important consideration if you prefer to conduct most of your business transactions online.
Philippine Business Bank does not have any social media accounts. You can only reach them for concerns by calling (632) 8363-3333 — in contrast to more well-known banks that can respond to messages via website chatbot, Twitter, or Messenger.
Philippine Business Bank branches and ATMs are also limited, although they have branches in most major business districts in the country: https://www.pbb.com.ph/metro_manila.htm
Philippine Business Bank has inter-branch transaction fees (Php 100 for withdrawal and Php 200 for cash deposit) if you are banking in another region from your home branch. The only exclusion is if the other branch is located within the same locality, area, or province.
Summary
Philippine Business Bank is a reliable, stable financial institution suited to meet SME needs. Compared to more known banks, however, Philippine Business Bank branches and ATMs are limited. You may also have to pay high inter-branch fees if you need to make a transaction away from your home branch.
Unlike its competitors, the bank is more traditional and does not have official social media accounts for real-time updates or customer concerns.
The biggest consideration, especially if you are used to online banking, is the bank’s lack of an app and sophisticated online banking portal. Online transactions on their website are limited to fund transfers, bill payment, and checkbook reorders, and you’ll have to input your account details for every transaction.
However, if you prefer a bank with a smaller clientele in order to receive more focused service, Philippine Business Bank would be a good choice. Their low-barrier savings and checking accounts are attractive, especially if you are an SME owner who wants to enroll your employees in the same bank. Philippine Business Bank’s business loans they offer are also better-suited for a wider variety of sectors.
In conclusion, choosing the right bank is crucial for the success of your business. Consider your business's financial needs and the factors discussed in this guide to make an informed decision. With the right bank, you can manage your finances effectively and focus on growing your business.
First Circle’s Revolving Credit Line allows you to keep working on projects and making payments without having to wait for a loan. This frees up your time to manage other parts of your business. To secure your business for future cash flow gaps and emergencies, apply for a credit line with First Circle by filling out our short online application form.
