There are few banks in the Philippines compared to other countries. However, it is still difficult to open an account because of several restrictions and the necessary documents the applicant should submit.
If you are planning to apply a savings account, you may consider DBP especially if there’s a branch near your place. Few of the biggest banks in the Philippines are actually owned and maintained by the Philippine government. Two examples of which are Land Bank and Development Bank of the Philippines (DBP).
Profile of Development Bank of the Philippines
DBP is a government-owned bank and one of the largest government-owned or controlled corporations (GOCCs). It has its main office in Makati, Philippines where you can also see other head offices of multi-national companies because it is the business capital of the country.
DBP has services for different sectors of the society. Its goal is to boost the national development through helping various businesses and sectors to make the economy on-going. It is categorized as a special government bank with a universal banking license.
Requirements for Opening an Account at DBP
Almost all banks in the Philippines require the same set of documents you need to submit when applying a new savings or bank account. The most common requirements to prepare are two valid IDs, proof of billing and initial deposit of you new account.
You can see here the complete requirements when opening a bank account: Requirements for Opening a Bank Savings Account
When you already prepared or gathered these documents, you must go to any branch nearest to your place. Upon arriving at the bank, furnish all application forms and signature cards.
After that, you should submit all of those forms together with the money for initial deposit of your account. Just wait for checking and approval of your new account.
DBP can be your good choice when planning to apply for a bank account in the Philippines. Basically, it is not hard to open a savings account when you have the complete requirements and you know the procedures before going to the bank.