Detailed information
About bank
The Philippines Business Bank is a financial institution founded in the Philippines in 1997. It involves local and international trade, cash transactions, treasury management, and investments.
Features
PBB was granted the authority to operate as a thrift bank on January 8, 1997. It was incorporated as Total Savings Bank and registered with the SEC on January 28, 1997.
It got a Certificate of Authority from the BSP on February 6, 1997. The same year, it applied for a corporate name change to Philippines Business Bank and got approval from the SEC on December 16, 1997. The change of the bank's corporate name was to reflect the direction it intended to go.
Today, PBB is focused on providing financial services to corporations and SMEs in the country and internationally. The bank has more than 160 branches in the country, with most of them located in areas concentrated with SMEs like Navotas, Malabon, and Quezon City. Other departments can be found in highly urbanized areas like Davao and Cebu. Its headquarters are in Caloocan.
Pros and cons
PBB offers many services, including savings, business, and corporate lending. Some pros and cons are associated with the loans part of their business.
Pros
There are 160 branches available, which brings the bank closer to businesses.
Their loan approval process is quick.
They have a low-interest rate and flexible payment terms.
Several loan options are designed to serve customers with different needs.
Cons
A lot of documentation is needed for applying for business and housing loans.
Some of their loan products have very short loan terms.
Products
Loans
The loans offered by PBB are classified into two broad categories:
Consumer loans
Commercial, industrialб and developmental loans.
Consumer loan
These are loans given to creditors to finance specific expenditures. PBB offers three types of consumer loans. These are auto loans, salary loans, and housing loans. The main requirements include government-issued IDs, income tax returns, and other income documents.
Commercial, industrial, and developmental loans
These loans involve more significant sums of money and usually longer terms. PBB's loans in this category include bills purchase, trade finance, term loans, agricultural loans, and specialized lending facilities for SMEs. Others are: inventory financing and Contract to Sell financing facilities.
Savings
PBB also offers savings services. The services include:
Regular savings. The minimum deposit in a standard savings account is ₱2,000 and requires a ₱2,000 minimum maintenance balance to earn interest.
Time deposit. This requires a minimum deposit of ₱1,000 with no minimum maintenance balance. The interest is pre-determined based on the amount and term of placement.
Checking (current) account. The minimum deposit for this account is ₱4,000 for individuals and ₱10,000 for corporate organizations. The above figures also represent the minimum maintenance balance required for interests.
Other services
The bank offers other services like remittance, local payment orders, foreign drafts, SSS payments, safety deposit box facilities, and trust products.
