๐ต๐ญ Opening a Bank Account in Philippines
Honest assessment of business banking for foreign founders in Philippines.
Philippine banks (BDO, BPI, Metrobank, Security Bank, UnionBank) offer corporate accounts for SEC-registered companies. Required documents include the SEC Certificate of Incorporation, Articles of Incorporation and By-Laws, Board Resolution authorising account opening, BIR registration (COR 2303), Mayor's Permit, and identification of authorised signatories. At least one signatory typically needs to appear in person. Foreign-owned companies may face enhanced due diligence. UnionBank and some digital banks offer more streamlined processes for tech and startup companies.
Tips for Success
- Have all company formation documents ready before applying โ trade licence, articles of association, certificate of incorporation.
- Prepare a clear business plan or description of your business activities, even if the bank doesn't explicitly ask for one.
- Consider digital/neo-banks as your first account โ they typically have faster onboarding for new companies.
- Apply to multiple banks simultaneously rather than sequentially โ rejection at one doesn't affect others.
This content is educational and does not constitute legal or tax advice. Always consult a qualified professional for your specific situation. Data last verified March 2026.