MANILA, Philippines - BDO Unibank Inc. was named the Best Bank in the Philippines for a fourth consecutive year by Hong Kong-based financial publishing firm FinanceAsia.

In FinanceAsia's recent Country Awards 2013, BDO was cited for its market leadership, backed by strong business, low-cost funding, quality assets and extensive distribution network.

"It has also diversified its business, expanding into consumer lending and middle-market businesses to complement its strength in corporate banking," it added.

BDO's wholly owned subsidiary BDO Capital and Investment Corp. (BDO Capital) was also named by FinanceAsia as the country's Best Investment Bank and Best Equity House.

Meanwhile, Security Bank was named Best Domestic Bank in the country in Asia Money's Annual Best Domestic Bank Awards.

Security Bank was given the title of "2013 Best Domestic Bank in the Philippines", with its "better-than-industry" numbers last year. In 2012, the bank posted a 12% increase in net income to P7.5 billion.

Security Bank also received the award "Best Domestic Debt House in the Philippines."

"Security Bank has positioned itself as a mover in local markets by actively pursuing profitable opportunities in different areas and not just sticking to one focus. So far, the bank posted P1.2 billion in net income for the first quarter of 2013, up 11% year-on-year, while total assets grew 20% to P258.9 billion and deposits grew 22% to P141.8 billion," Asiamoney said.