Bank of the Philippine Islands

Bank of the Philippine Islands (BPI) is a Philippine universal bank headquartered in Makati and one of the oldest continuously operating banks in the Philippines and Southeast Asia. It was established on August 1, 1851, during the Spanish colonial period as El Banco Español Filipino de Isabel II. The institution was created under a royal charter and initially served as a government bank, extending credit to the colonial treasury and carrying the authority to issue currency. Its first Philippine peso notes, known as Philippine peso fuerte, were printed in 1852 and represented an important step in the development of a local monetary system. Following political change in Spain, the bank adopted the shorter name Banco Español-Filipino in 1869. It moved from Intramuros to Binondo in 1892, reflecting the commercial importance of Manila’s emerging business district, and opened its first provincial branch in Iloilo in 1897. After the Philippines was transferred to the United States in 1898, the bank gradually became a Philippine institution rather than a Spanish colonial one. Shareholders approved the name Bank of the Philippine Islands in 1912 under authority granted by Philippine legislation. The bank was fully privatized during the American colonial era. BPI retained the right to issue Philippine currency through the colonial period, but that role ended when the Central Bank of the Philippines was established in 1949. After the Second World War, the bank participated in the country’s economic reconstruction and subsequently expanded beyond traditional deposit-taking and lending. It became a universal bank in 1982, enabling it to provide a broader range of financial services, including investment banking, securities, trust and asset management, leasing, foreign exchange and insurance-related services. Ayala Corporation, which had been associated with BPI since the bank’s early history, became its dominant shareholder on December 31, 1969. BPI subsequently became the flagship financial institution of the Ayala Group. Its growth has included acquisitions and combinations involving People's Bank and Trust Company, Commercial Bank and Trust Company, CityTrust Banking Corporation, Far East Bank and Trust Company, Prudential Bank, BPI Family Savings Bank and Robinsons Bank. These transactions helped broaden its customer base, branch presence, consumer-finance capabilities and corporate banking franchise. The brand has also invested heavily in electronic and digital banking. It established the Expressnet interbank network in 1986, created BPI Direct Savings Bank in 1986, and developed telephone- and internet-oriented services aimed in part at overseas Filipinos. BPI Direct later combined with BPI Globe BanKO to form BPI Direct BanKo, a subsidiary focused on microfinance and small-business customers. BPI’s consumer-facing digital portfolio has included BPI Online, BPI Mobile and the Express Teller platform, alongside a large branch, ATM and cash-deposit-machine network. In the modern period, BPI has repositioned its visual identity and corporate messaging while consolidating its offices in Makati. It introduced a new logo in 2019 and adopted the “Do More” tagline in 2023. The bank remains a listed Philippine financial institution with operations centered on the domestic market and selected international locations. Its business spans consumer deposits and payments, lending, credit cards, corporate and commercial finance, investment banking, wealth management, trust services, insurance and capital-markets activities. The bank’s historical longevity, connection with the Ayala Group, broad distribution network and digital capabilities underpin its positioning as a full-service Philippine financial-services brand.

BPI was founded on August 1, 1851, as El Banco Español Filipino de Isabel II. It was established during Spanish rule as a government-linked bank and received authority to provide credit to the National Treasury and issue Philippine currency. The first peso fuerte notes were printed in 1852, while the institution also began accepting deposits and discounting commercial promissory notes. The bank changed its name to Banco Español-Filipino in 1869 after the overthrow of Queen Isabella II. In 1892 it moved from Intramuros to Binondo, Manila’s increasingly important commercial district. Its first branch outside Manila opened in Iloilo on March 15, 1897, reflecting the commercial significance of the Panay sugar economy. The 1898 transfer of sovereignty from Spain to the United States changed the bank’s institutional setting. In 1912, shareholders adopted the name Bank of the Philippine Islands, relying on legislation that permitted the change. BPI became fully private during the American period. It continued issuing currency for much of the colonial era, but lost that power in 1949 when the Central Bank of the Philippines was established. The bank then concentrated increasingly on commercial banking and post-war economic development. BPI’s contemporary expansion accelerated through mergers and acquisitions. It acquired People’s Bank and Trust Company in 1974 and Commercial Bank and Trust Company in 1981. It became a universal bank in 1982 and moved into a major headquarters in Makati’s Ayala-developed central business district. The bank later acquired or absorbed CityTrust Banking Corporation, Far East Bank and Trust Company and Prudential Bank. Ayala Corporation became BPI’s dominant shareholder in 1969, making BPI the principal banking business within the Ayala Group. Technology and distribution became important elements of the franchise. BPI established Expressnet in 1986 and developed BPI Direct Savings Bank, an early Philippine bank organized around telephone and online channels. BPI Direct later focused substantially on overseas Filipinos and was eventually combined with BPI Globe BanKO to create BPI Direct BanKo, serving microfinance and small and medium-sized enterprises. In 2000, BPI also entered bank assurance and established BPI Direct as an internet-oriented savings institution. During the 2000s and 2010s, the bank continued broadening its consumer and institutional offerings while maintaining a large Philippine branch and automated-service network. A significant systems incident in June 2017 produced incorrect displayed balances for some customers and led to temporary suspension of electronic services. BPI subsequently pursued further digital, brand and workplace modernization. It began construction of a new Makati headquarters in 2019, introduced a redesigned logo that year, and consolidated major head-office units at Ayala Triangle Gardens Tower 2 in 2023. The bank adopted the “Do More” tagline in 2023. BPI’s recent inorganic growth has included the integration of BPI Family Savings Bank and the announced combination with Robinsons Bank, with BPI as the surviving entity. Its current business model is that of a diversified universal bank: it serves individuals, small businesses, commercial companies, large corporations and institutional clients through deposits, lending, cards, payments, treasury, investment banking, securities, insurance, trust and asset management. The brand remains closely associated with Philippine banking history, Ayala ownership and the country’s transition from branch-based finance to digital banking.

1. 2023Do More tagline introduced

   BPI adopted a new brand tagline and consolidated major head-office units at Ayala Triangle Gardens Tower 2.

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2. 2022BPI Family Savings Bank integration and Robinsons Bank merger announcement

   BPI consolidated a major savings-bank subsidiary and disclosed its planned combination with Robinsons Bank.

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3. 2019Logo refreshed and new headquarters construction began

   BPI updated its visual identity and began work on a replacement headquarters in Makati.

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4. 2017Electronic-services systems incident

   A processing error produced incorrect displayed balances and temporarily disrupted electronic services.

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5. 2000Bank assurance and internet banking expanded

   BPI became the first Philippine bank assurance provider and developed BPI Direct as an internet-oriented bank.

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6. 1986Expressnet and BPI Direct established

   BPI created its interbank network and incorporated BPI Direct Savings Bank.

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7. 1982BPI became a universal bank

   The bank received universal-bank status and opened a major headquarters in Makati.

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8. 1969Ayala became dominant shareholder

   Ayala Corporation became BPI’s controlling shareholder and later made it the financial flagship of the Ayala Group.

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9. 1949Currency-issuance authority ended

   The creation of the Central Bank of the Philippines ended BPI’s historical role in issuing Philippine pesos.

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10. 1912Present name adopted

    Shareholders changed the name to Bank of the Philippine Islands.

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11. 1897First provincial branch opened in Iloilo

    BPI opened its first branch outside Manila in Iloilo City.

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12. 1892Head office moved to Binondo

    The bank relocated from Intramuros to the more commercially active Binondo district of Manila.

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13. 1852First Philippine peso forte notes issued

    BPI began printing and issuing Philippine currency under its colonial charter.

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14. 1851Bank established as El Banco Español Filipino de Isabel II

    The institution was founded on August 1 during the Spanish colonial period as a government-linked bank.

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A long-established Philippine universal bank combining institutional scale, Ayala Group affiliation, broad financial-service coverage and expanding digital channels.

• Retail bankingconsumer banking

  BPI provides savings, current and other deposit accounts, payment services, personal loans, housing finance and related day-to-day banking products through branches and digital channels. Its retail franchise is supported by a large Philippine distribution network and automated teller and cash-deposit infrastructure.

• BPI Online and BPI Mobiledigital banking

  BPI’s online and mobile services provide customers with remote access to accounts and banking transactions. They form part of the bank’s longer transition from branch-centered service to integrated digital banking, alongside earlier telephone and internet initiatives associated with BPI Direct.

• BPI Direct BanKomicrofinance and SME banking2016

  BanKo was formed through the combination of BPI Direct Savings Bank and BPI Globe BanKO. It is oriented toward microfinance, small-business and underserved entrepreneurial customers, extending BPI’s reach beyond conventional retail and corporate banking.

• Corporate and investment bankingcommercial and institutional banking

  BPI serves commercial companies, large corporations and institutions through lending, treasury, capital-markets, investment-banking, securities and financial-advisory capabilities. These activities are supported by specialist subsidiaries and affiliates within the broader BPI group.

• Trust, asset management and insurancewealth and protection services2000

  The group offers trust and asset-management services, investment products and insurance-related solutions. Its bank-assurance activity began in 2000 after BPI acquired insurance companies associated with Ayala Corporation.

• 2023Do More

  Philippines

  BPI introduced “Do More” as its corporate tagline, emphasizing action, customer ambition and the bank’s contemporary service proposition.

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• 2015Make the Best Things Happen

  Philippines

  A brand campaign framed BPI as a financial partner helping customers turn important personal and financial aspirations into reality.

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• 2022Announce planned Robinsons Bank combinationM&A

  BPI and Robinsons Bank disclosed a proposed merger as part of broader consolidation in the Philippine banking sector.

  What changed. The parties designated BPI as the surviving entity and targeted completion by the end of 2023.

  Aftermath. The transaction expanded BPI’s consolidation strategy and brought the Robinsons Bank business into the BPI platform, subject to the relevant process and approvals.

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• 2017Suspend and restore electronic services after balance-processing defectOther

  A data-processing glitch caused incorrect account balances for some customers, and the issue appeared again after an initial correction.

  What changed. BPI temporarily suspended electronic services, corrected the defect and restored access after the systems issue was addressed.

  Aftermath. The incident became a notable example of operational and technology risk in Philippine digital banking; no financial figure is included here because a sourced amount is unavailable.

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• 2023BPI adopted the Do More brand platform

  BPI introduced “Do More” as a new brand tagline and customer-facing positioning.

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• 2022BPI and Robinsons Bank disclosed planned merger

  BPI and Robinsons Bank announced a proposed combination, with BPI designated as the surviving institution and completion initially expected by the end of 2023.

  M&A
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• 2019BPI introduced a new corporate logo

  The bank refreshed its visual identity as part of its contemporary brand and business positioning.

  CampaignOther
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• 2017BPI electronic-banking data-processing glitch caused incorrect customer balances

  A processing defect caused some customer account balances to appear incorrectly, including negative or unusually increased balances. Electronic services were temporarily suspended after the issue recurred, then restored after corrective work.

  OtherRegulation
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• 2015BPI launched Make the Best Things Happen campaign

  The campaign presented BPI as a banking partner helping customers pursue personal and financial goals.

  Campaign
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1. Bank of the Philippine Islands
2. BPI official website