Business Consulting and Incubation

Opening Bank Accounts in the Philippines

The Philippine banking system is more bureaucratic than the US and other Western countries.  There is much more requirements needed when opening a bank account in the Philippines for individual or corporate accounts.  Foreign nationals are required to even show more documentation and identification.  However, 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 Individuals Bank Accounts in most Philippine Banks

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 in most Philippine Banks

• 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