BANKS: What is the strongest bank in PH? in Makati Prime.com's Philippines Forum Posted May 27, 2020 · Report reply > Unless rents drop, banks in PHL may want to find a cheaper way to attract deposits, like paying online depositors a higher interest rate. Yes, and it started already. ING Philippines & Octo (CIMB) currently offer around 4% to their online depositors, and a third one (Singapore-based Tonik) should start business in Philippines soon. I use ING for few months already and I find it very convenient. 4% is the current promotion, it should be lowered to 2.5% few months from now but it is still very competitive and more flexible than time deposits. I wonder what is the size of the deposits they were already able to attract? It is probably only a small share of the market but it will grow in the coming years. I agree with you Dr Bubb, bricks & mortar branches are not the future. The young generation prefers digital wallets and online deposits.