BUSINESS FINANCE

1.1 DEFINITION AND CONCEPT OF

FINANCE
 What is Finance?
Is usually related in money. This is partly true
since the finance manager or finance officer is
often considered as the fund custodian.

American Heritage Desk Dictionary

Defines finance as the management of

money, banking, investments, and credit. It is
also defined as a science of management of
money and other assets.
Finance is both a science and an art of
correct application of the economic and
accounting concepts and principles that
define the system, structure, and other
process of management, allocation, and
utilization of financial resources,
investments, and expenditures.
Key concepts of finance :

1.Both science and an art

2.Application of economic and accounting

concepts and principles.

3.System, structure, and process.

4.Management , allocation, and utilization

5.Financial resources, investments, and

expenditures.
Both Science and an Art
Finance is a Science

1. Financial decisions are made based on financial statements. The

financial statements present relevant, factual and true information
about the financial performance of a business.

2. The pieces of information contained in the financial statements are

not fabricated or presented without reliable basis.
Finance as an Art

1. The different financial services continue to change and

develop as the operation of the business organization become
more complicated.

2. The financial practices do not remain static but become

adaptive to the changes in the business environment overtime.

3. The business operation change in parallel to the changes

happening in the business community

4. The practice of finance is, therefore, related to the changes in

business operation.
Application of economic and accounting concepts and principles

Economics

As social science, is concerned with efficient utilization of scarce

resources to satisfy human need and wants.

Accounting

Is an art of recording business transactions and deals with the

preparation of financial statement. The recording process follows the Philippine
Financial Reporting Standards ( PFRSs) which is in accordance with the
international standards. Accounting is considered as the language of both
business and finance.
System, Structure, and Process

The term SYSTEM connotes that the financial activities of the business are properly
coordinated with the whole structure.

A clear financial procedure directs all the human resources of the business towards the
attainment of the ultimate objective.

Management , Allocation, and Utilization

Economically, the fundamental concern of finance, is to ensure that the limited financial
resources are correctly manage, allocated and utilized in order to achieve the financial
goal of the business.

Management

It implies the efficient handling of the business resources, particularly those that
are financial in nature.
Allocation

connotes the wise distribution of financial resources to the

different functional areas, the proper assignment of funds between
current and non-current assets, and the correct sourcing of funds
based on the concepts of risk and return.

Therefore, Financial resources that are properly , allocated , and

utilized significantly influence the financial performance of the
business.
Financial Instrument, Investment, and Expenditures

Financial Instrument

Refers to the funds of a business which are provided by the owner or by

the creditors.

Financial Investments

Are resources that are expected to provide and achieve appreciation or

growth of the business. The financial benefits that are derived from financial
investments come in the form and bonds. Large businesses are heavily engage
in putting much funds in the investment.
Financial expenditures

Expenditures of the business may cover the

operating expenditures and the capital expenditures.

1. Operating expenditures are period costs that include

business expenses such as salaries, electricity and
water , travelling expenses, and like.

2. Capital Expenditures involve the acquisition or

construction of buildings, machinery, processing
plant and land
Exercise 1

1.Explain why finance is both science and art.

2.Differentiate accounting from economics.

3.Discuss the key terms in the operational

definition of finance.
1.2 AREAS OF FINANCE
Division of Finance

Based on the different finance subjects prescribe by the Commission on Higher

Education ( CHED ) for the tertiary business curriculum.

Finance is broadly classified into two:

1. Private Finance
2. Public Finance

Private Finance is subdivided into:

1. Business Finance
2. Personal Finance

Business Finance is further subdivided into following areas:

1. Financial Management
2. Capital Market
3. Financial Investments
 AREAS OF FINANCE

Finance

Private Finance Public Finance

Personal Finance Business Finance

Capital Management Capital Market Financial Investments

Private Finance

is a management of financial income of private individuals, non-governmental

organizations, and private organizations in accordance with the prescribed financial policy and
priority of the person or business organizations.

Public Finance

Is allocation of government income generated from either taxation or borrowings and the
government expenditure based on the approved national and local appropriation or budget.
Public finance is also termed as FISCAL ADMINISTRATION.
National Agency primarily involved in the
exercise of function.

• DOF ( Department of Finance )

• BIR ( Bureau of Internal Revenue )
• BOC ( Bureau of Customs )
• LTO ( Land and Transportation Office
• LTFRB ( Land Transportation Franchising
Regulatory Board )
DOF works closely with other national government agencies

• DBM ( Department of Budget and Management

• BSP ( Bangko Sentral ng Pilipinas
• SEC ( Securities and Exchange Commission )

Even the two houses of the congress of the Philippines in the formulation of laws, and
appropriation , allocation, administration and spending of public funds.

Public Finance or Fiscal Policy and administration is taken up in college under the
business program.
Personal Finance

Is a sub-category of private finance which is directed towards the management

of personal resources of an individual.

The income of an individual is sourced from compensation, exercise of

profession, or business income as a sole proprietor.

INCOME is allocated based on the individual’s personal need such as household

expenses, education, hospitalization, and acquisition of personal and real property.
Business Finance

Is a area of finance that focused on the handling and

management of financial resources of a business organization.

3 Major Divisions of Business Finance

1. Financial Management
2. Capital Market
3. Financial investment
Financial Management

Focuses on capital budgeting decision or investment decision

on the acquisition of assets and its corresponding financing scheme.

Capital /market

Is an area of business finance that studies the different financial

institution and their functions that provide assistance to both private
and public borrowers of funds. It also includes the study of the cost of
borrowing the funds as interest and other financing charges.
Financial investment

Includes business decisions about the value and

price of stocks and bonds, portfolio analysis, market
analysis, security analysis, and behaviour of the investors
1.3 FINANCE OFFICER IN A
BUSINESS
 SHAREHOLDERS
BOARD OF DIRECTORS

CHIEF EXECUTIVE OFFICER /

PRESIDENT

PRODUCT AND GENERAL FINANCE MARKETING

OPERATION ADMINISTRATIVE DIVISION DIVISION
DIVISION DIVISION ( VICE PRESIDENT FOR
FINANCE OR CHIEF
( VICE PRESIDENT
FOR MARKETING)
( VICE PRESIDENT FOR ( VICE PRESIDENT FOR
FINANCE OFFICER)
OPERATION ) ADMINISTRATION OR HUMAN
RESOURCE DEVELOPMENT
OFFICER )
ACCOUTNING FINANCE
DIVISION TREASURY
( CHIEF ACCOUNTANT, DEPARTMENT
COMPTROLLER OR FINANCE ( TREASURER OR FINANCE
OFFICER ) OFFICER)
 BOARD OF DIRECTORS

CHIEF EXECUTIVE OFFICER /

PRESIDENT

FINANCE DIVISION
OPERATING DIVISION (CHIEF FINANCE OFFICER)
( CHIEF OPERATING OFFICER )

ACCOUTNING TREASURY
PRODUCTION AND HUMAN RESOURCES MARKETING
OPERATION
SHAREHOLDER

The shareholders elect the Board of Directors (BOD). Each share held is equal to one
voting right. Since the BOD is elected by the shareholders, their responsibility is to carry out the
objectives of the shareholders otherwise, they would not have been elected in that position

BOD ( BOARD OF DIRECTORS )

The board of directors is the highest policy making body in a corporation. The board’s
primary responsibility is to ensure that the corporation is operating to serve the best interest of
the stockholders. The following are among the responsibilities of the board of directors:

- Setting policies on investments, capital structure and dividend policies.

- Approving company’s strategies, goals and budgets.
-Appointing and removing members of the top management including the president.
- Determining top management’s compensation.
-Approving the information and other disclosures reported in the financial statements
(Cayanan, 2015)
CEO ( CHIEF EXECUTIVE OFFICER ) / PRESIDENT

The roles of a president in a corporation may vary from one company to another.
Among the responsibilities of a president are the following:
- Overseeing the operations of a company and ensuring that the strategies as approved by
the board are implemented as planned.
- Performing all areas of management: planning, organizing, staffing, directing and
controlling.
- Representing the company in professional, social, and civic activities.

VP FOR MARKETING

The following are among the responsibilities of VP for Marketing :

-Formulating marketing strategies and plans.
- Directing and coordinating company sales.
- Performing market and competitor analysis.
- Analyzing and evaluating the effectiveness and cost of marketing methods applied.
-Conducting or directing research that will allow the company identify new marketing
opportunities, e.g. variants of the existing products/services already offered in the market.
- Promoting good relationships with customers and distributors. (Cayanan, 2015)
VP PRODUCTION

The following are among the responsibilities of VP for Production: - Ensuring production meets
customer demands.
- Identifying production technology/process that minimizes production cost and make the company
cost competitive.
- Coming up with a production plan that maximizes the utilization of the company’s production
facilities.
- Identifying adequate and cheap raw material suppliers. (Cayanan, 2015)

VP ADMINISTRATION

The following are among the responsibilities of VP for Administration:

- Coordinating the functions of administration, finance, and marketing departments.
- Assisting other departments in hiring employees.
- Providing assistance in payroll preparation, payment of vendors, and collection of receivables.
- Determining the location and the maximum amount of office space needed by the
company.Identifying means, processes, or systems that will minimize the operating costs of the
company. (Cayanan, 2015)
Unilever:

“Finance plays a critical role across every aspect of our business. We

enable the business to turn our ambition and strategy into sustainable, consistent
and superior performance” - Jean-Marc Huët (Unilever)

Jollibee:

“It’s very exciting because you are not just thinking of today but what the
company will need in the future” - Ysmael V. Baysa (Morales, 2013)

Globe Telecom:
“Yesterday’s solutions are never adequate for the future” - Albert De
Larrazabal (Klobucher, 2015) –

SM Corporation:
“Now, we don’t go out because we need funds. We go out because it’s an
opportunity.” – Jose T. Sio (Montealegre, 2015)
1.4 FUNCTIONS OF A FINANCE
OFFICER
Finance Officer

Plays a crucial role in the whole business

organization. He or she acts as the wary financial traffic
officer to almost all business transactions with monetary
considerations.

The finance officer is also expected to be the

“shock absorber” of budgetary requests and
requirements of other functional units of the business.
 FINANCIAL
DECISIONS OF THE
Chief Finance Officer

OPERATING DECISIONS INVESTING DECISIONS FINANCING DECISIONS

• Credit and collection • Non-current asset acquisition • Equity financing
• Level of inventory • Investment portfolio • Debt financing
• Granting of discounts • Pricing decision of stocks and • Cost of capital and borrowing
• Budgeting bonds • Short-term and long-term
• Payment and control of operating • Discounted cash flow analysis in borrowings
expenditure capital • Interest rate
• Daily operating decisions
Operating Decisions

are financial decisions affecting the

routine operating activities of a business. It is
directed towards providing immediate solution
to the concern of the functional areas of the
firm such as manufacturing, marketing,
purchasing, and like.
Investment Decision
Deals with choosing small and large projects
with several investment opportunities. The different
projects are critically evaluated in terms of return of
investment and expected cash flows. However,
investment decision are made only when investment
opportunities come.
Financing decision
deals with raising or acquiring of funds from
outside sources and not from the ordinary results of the
business operation. In other words, financing decisions
are made when the business needs to borrow money.

A business can raise money from the following activities

or sources:

1. Operation
2. Investors or lenders
3. Owners
 In borrowing funds from outside sources, the business pays
interest for the use of money. The finance officer must weigh and
evaluate the cost of borrowing funds. The right mix of debt portfolio
must be properly evaluated.

In making financial decision, the following questions must be

answered.

1. How much should be borrowed from external users

2. What is the allocation of the borrowed funds into short term and
long term?
3. Will the much needed funds be sourced from creditors or
company owner’s
4. What is the expected cost of borrowing the funds?
1.5 QUALIFICATIONS OF A
FINANCE OFFICER
The Chief Finance Officer must have the following
qualifications:
1. Possesses sound knowledge of accounting and economic concepts and
principles.
2. Has profound understanding of operation science, statistics, and
marketing research.
3. Has gained technical experience in finance and provided professional
judgement.
4. Has good communication skills in both oral and written form.
5. Has impressive relationship with the banks and other financial institution.
6. Has outstanding relationship within the business and among other
functional areas.
7. Is technically and morally and socially responsible.
KNOWLEDGE ABOUT ACCOUNTING AND ECONOMICS
PRINCIPLES

Finance is commonly said to operate between accounting and

economics. Hence, a finance officer should have a deeper understanding
and excellent educational background of accounting and economics.

A finance officer should be able to understand and/or interpret

financial statements, cash flow; financial market and institution, interest rates,
and the effects of inflation on the business.

A finance officer must also have a clear understanding of the

monetary and fiscal policies of the government that directly affect the
operation of the business.
FAMILIAR WITH THE OPERATION OF OTHER FUNCTIONAL
AREAS

Finance officer is expected to provide technical support and services

to the other functional areas.

The finance officer must, therefore, be knowledgeable about

operation, quantitative statistics, marketing research, and even human
resources.

Finance can never be detached from other departments. Likewise,

other department or units can hardly exist without the assistance and
intervention of the finance department.
TECHNICALLY EQUIPPED IN FINANCE WITH PROFESSIONAL
JUDGEMENT

The Chief Finance Officer must be technically with financial skills and
must execute professional financial judgement at all times.

The finance officer must likewise be technically exposed to bonds and

stock valuation including risk management and analysis, capital budgeting
and structure, and leveraging the debts and resources.

The judgement of the finance officer must be based on accounting

and economic and other reliable data at all times.
WITH GOOD COMMUNICATION SKILLS

A finance officer is expected to be able to clearly communicate

financial messages to the people within and outside the business.

With good oral and written communication skills, a finance officer is

able to win and influence the side of the creditors and even of the business.
He or she can easily convince bank and other lenders to provide funds
needed.
WITH FAVORABLE RELATIONSHIPS WITH FINANCIAL
INSTITUTION

A finance officer must have favourable business relationships with

members of the financial industry. Maintaining strong relationship with banks
and other financial institution by working with them closely provides strategic
advantage to the business, most especially when financial assistance is
sought.

The finance officer must ensure that debts are fully settled on or before
the maturity of the borrowed funds.
WITH HARMONIOUS RELATIONSHIP WITH OTHER UNITS

A finance officer should not only be involved in quantifiable

transactions or relations. He or she should know also build harmonious
dealings with other members in the organization.

The financial requirements of the different sections of the business are

handed to the finance officer almost everyday. The finance officer may
either approve or deny the request. The denial of financial requests may
sometimes lead to a poor relation in the organization if not properly handled.
Conflict is possible to arise under such situation.
ETHICALLY AND SOCIALLY RESPONSIBLE

A finance officer should also maintain an ethically and socially

responsible behaviour.

The ethical and social responsibilities od the finance officer manifest in

the pricing policy of the business, allocation of funds on waste disposal
system, as well as on climate and wildlife protection. Finally, The finance
officer must never be involved in an embezzlement case and fraud policies.
Part of First Monthly Exam:

Ethical Issues

1. Enron Scandal
2. WorldCom Scandal
3. Arthur Adersen Scandal
4. Lehman Brothers Scandal
5. Tyco Scandal

Guidelines:
a. Company Profile, Total assets and revenues, organization, and operation
b. How the scandal happened
c. Amount of money involved
d. People who were involved and what happened to them
e. Individuals who were affected.
 FINANCIAL INSTITUTIONS,
INSTRUMENTS, AND MARKETS
Chapter 2
2.1 THE BUSINESS
ENVIRONMENT
 The business does not operate in a vacuum but in an
environment influenced by various forces, variables, and
systems. In marketing or entrepreneurship, the environment
where the business operates is broadly classified as either
MACRO or MICRO environment. In finance the business
environment is divided into international, national,
regional, and local levels.
 One of the environmental layers of macro
environment is the societal environment, this environment
is made up of the following systems.

1. Political System
2. Financial System
3. Economic System
4. Socio-cultural System
5. Technological System
6. Legal System
 A system is composed of several parts with interrelated
functions. If one part of the system is dysfunctional, the operation
of the whole system is expected to be adversely affected.

The financial system is one of the factors that directly or

indirectly affect the financial operations of a business
organization.
2.2 THE FINANCIAL SYSTEM
 The financial system at the societal environmental or
regional level is principally responsible for the flow of funds from
the lender to the borrower. The financial system controls,
regulates, and facilitates the saving, borrowing, lending and
investing activities happening among different players in the
system.
 Cash Returned Cash payments

Household
savings/surplus cash Cash
Investments
Cash loans
• Financial Institution
Cash • Financial markets Borrowers:
Investments • Financial • Individuals
instruments • Corporate entities

Business savings/surplus
cash

Cash Returned Cash payments

 In the Philippines Financial system, the government plays an
active rolein the flow of money on the economy through the BSP
Bangko Sentral ng Pilipinas. The BSP regulates the operation of the
financial institutions and financial intermediaries.

The basic elements of financial systems are as follows

1. Financial Institutions
2. Financial markets
3. Financial instruments
4. Lenders and Borrowers
Exercises

1. State the different forces or system in the social environment

that may affect the business organization
2. Define financial system at the regional level
3. Identify the basic elements in a typical financial system.
2.3 FINANCIAL INSTITUTION
FINANCIAL
INSTITUTIONS IN
THE PHILIPPINES
A Citibank, N.A.
Al-Amanah Islamic Inv Bnk of the Ph Citystate Savings Bank Inc
ANZ Banking Group LTD CTBC Bank (Philippines) Corp
Asia United Bank Corporation
B C
Bangkok Bank Public Co LTD Cathay United Bank Co Ltd – Manila
Bank of America N.A. Branch
Bank of China Limited – Manila Branch China Banking Corporation
Bank of Commerce China Bank Savings Inc
Bank of the Philippine Islands Citibank, N.A.
BDO Private Bank, Inc. Citystate Savings Bank Inc
BDO Unibank Inc CTBC Bank (Philippines) Corp
BDO Elite Savings Bank Inc D
BPI Family Savings Bank Inc Deutsche Bank AG
C Development Bank of the Philippines
Cathay United Bank Co Ltd – Manila E
Branch East West Banking Corp
China Banking Corporation
China Bank Savings Inc
H Philippine Veterans Bank
Hongkong & Shanghai Banking Corp Q
I R
Industrial Bank of Korea – Manila Branch RCBC Savings Bank Inc
ING Bank N.V. Rizal Commercial Banking Corporation
J Robinson’s Bank Corporation
JP Morgan Chase Bank National Assn. S
K Security Bank Corporation
Korea Exchange Bank Shinhan Bank – Manila Branch
L Standard Chartered Bank
Land Bank of the Philippines Sumitomo Mitsui Banking Corporation – Manila
M Branch
Maybank Philippines Inc Sterling Bank of Asia Inc (A SB)
Mega International Commercial Bank Co Ltd T
Metropolitan Bank and TCO The Bank of Tokyo-Mitsubishi UFJ LTD
Mizuho Bank LTD – Manila Branch U
O Union Bank of the Philippines
Optimum Development Bank Inc United Coconut Planters Bank
P
Philippine Bank of Communications
Philippine Business Bank Inc A SB
Philippine National Bank
Philippine Savings Bank
Philippine Trust Company
 Financial Institutions or organization that provide
financial services, among others, in form of loans, credit,
fund administration, financing, depository, and
safekeeping.

Financial institutions, based on the financial services

provided, are generally classified as follows:

1. Depository institutions
2. Financial intermediaries
3. Investment institutions
 Depository Institutions are financial institutions that
accept deposits ( savings, current, and time deposits )
from individuals and corporate entities, extended loans to
borrowers, transfer funds, and manage funds for
investment purposes.

Depository Institutions:

1. Banks
2. Savings and loan association
3. Credit union
 Banks are institutions authorized to operate and regulated
by the BSP under General Banking Law of 2000. They accept
deposits and bills payment, provide loans, and facilitate the
transfer of funds domestically or abroad.

Under BSP Circullar No. 271., the major classifications of banks

operating in the Philippines.

1. Universal Bank
2. Commercial Bank
3. Thrift Bank
4. Rural Bank
5. Cooperative Bank
6. Islamic Bank
 Universal Bank is considered the biggest bank in terms of
assets , loan portfolio, and revenue.

It has the widest scope of banking activities authorized by

the BSP and usually has the most number of branches
nationwide and abroad.

In additional to ordinary banking services, a universal bank may

perform the following:

1. Involve in underwriting activities

2. Engage in financial activities of investment houses
3. Invest in equities of non-banking institutions
 Less than 50 universal banks are operating in the
Philippines . The minimum requirement of a universal bank
with more than 100 branches is set by the BSP at 20 billion
dollars in compliance with BASEL III requirements.
 Universal Banks in the Philippines.
1. Al-Amanah Islamic Investment 11. ING Bank N.V.*
Bank of the Philippines 12. Land Bank of the Philippines
2. ANZ Banking Group Ltd. 13. Metropolitan Bank & Trust
3. Asia United Bank Corporation Company
4. Bank of the Philippine Islands 14. Mizuho Bank, Ltd. - Manila
5. BDO Unibank, Inc. Branch
6. China Banking Corporation 15. Philippine National Bank
7. Deutsche Bank AG 16. Philippine Trust Company
8. Development Bank of the 17. Rizal Commercial Banking
Philippines Corporation
9. East West Banking Corporation 18. Security Bank Corporation
10. The Hongkong & Shanghai 19. Standard Chartered Bank
Banking Corporation 20. Union Bank of the Philippines
21. United Coconut Planters Bank
 Commercial Bank is a type of bank that provides
commercial products in addition to the regular banking service
of accepting deposits. It has more limited banking services.

Commercial bank are ranked next to universal banks in

terms of assets, revenue, general loan portfolio, and number of
branches operating across the country. The minimum capital
requirement of a commercial bank is also lower to that of a
universal bank.
 Top 10 Commercial Banks in the Philippines.

1. Banco De Oro (BDO) – Php 965.1 Php 244.9 billion

billion 9. Chinabank – Php 235.2 billion
2. Metrobank – Php 955.8 billion 10. Citibank – Php 202.6 billion
3. Bank of the Philippine Islands (BPI) –
Php 751.8 billion
4. Landbank – Php 605.2 billion
5. Rizal Commercial Banking
Corporation (RCBC) – Php 311.2 billion
6. Philippine National Bank (PNB) – Php
306.2 billion
7. Development Bank of the Philippines
(DBP) – Php 297.4 billion
8. Unionbank of the Philippines (UBP) –
 Thrift Bank as defined in RA No. 7906, include savings and
mortgage banks, private development banks, and stock saving
loan associations, and microfinance thrift banks that are
organized under existing laws for the following purposes:

a. Accumulated and investing the savings of depositors

b. Providing working capital to the businesses engaged in
agriculture, service, and housing
c. Providing diversified financial services to individuals and small
and medium enterprises.
Top 10 Thrift Banks in the Philippines.
 Rural Bank and Cooperative Bank are organized and
operating in rural areas. They intended to promote and expand
the rural economy by providing the people with basic financial
services.

The primary target markets of rural and cooperative banks

are farmers who need financial help in the production and
marketing of agricultural products. Rural and cooperative banks
are also engage in micro financing to assist small individual
entrepreneurs.
 Rural Banks are privately owned and manage while,
Cooperative banks are organized and owned by
cooperatives or federation of cooperatives.
Top 10 Rural and Cooperative Banks in the Philippines.
 Islamic Bank is created and organized under RA No.
6848, aims to promote and accelerate the socio-economic
development

The primary target markets of rural and cooperative banks

are farmers who need financial help in the production and
marketing of agricultural products. Rural and cooperative banks
are also engage in micro financing to assist small individual
entrepreneurs.
 Savings and loans Association, sometimes referred to
as a financing and mortgage loan company, is a financial
institution that is engaged in the business of accumulating the
savings of its members and stockholder, and using such
accumulations for loans or investments in securities of
productive enterprise.

It is regulated under RA No. 4378.

Feature: the depositor are also member-borrowers of the

association. The members have voting rights and may control
the associations operation
 Trust Companies, is a legal business entity, usually a
major division of universal or commercial bank, that acts as a
fiduciary agent or trustee on behalf of an individual person or
corporate entity for the purpose of management,
administration, and final transfer of property to the beneficiary.

Trust company acts as the custodian of the property for an

on behalf of the beneficiary for a fee. It also performs the
following:

a. Asset management
b. Ownership registration for the beneficiary
c. Stock transfer
d. Custodian arrangement like in court proceedings.
 A trust company may also be appointed as the
administrator of the properties of a decedent when indicated in
the last will and testament.

Trust company is responsible for the distribution of the net

estate to the beneficiary after accounting and paying all debts
and taxes.
Trust Companies in the Philippines

 Asia United Bank.

 BDO.
 BPI.
 Chinabank.
 EastWest Bank.
 Metrobank.
 PNB.
 Philtrust.
 Credit Unions, is a financial depository institution that is
mainly controlled and operated by its member for the following
purpose:

1. Extending credit to the members

2. Offering competitive interest rates
3. Promoting the concept of thrift
4. Providing other types of financial services
 Credit union exist to help and extend financial assistance
to members by pooling and accumulating funds from all the
members.

Only those who have accounts with the credit union are
considered members and owners.
Credit Union in the Philippines

 Banco De Oro. 1 review. Banks & Credit Unions. ...

 EastWest Bank. 1 review. Banks & Credit Unions. ...
 BPI. 4 reviews. ...
 Western Union. Banks & Credit Unions. ...
 Philippine National Bank. Banks & Credit Unions. ...
 Western Union. Banks & Credit Unions. ...
 Philtrust Bank. Banks & Credit Unions. ...
 Bank Of The Philippine Islands. Banks & Credit Unions.