BDO Capital

What BDO Capital does

BDO Capital & Investment Corporation is a Philippines-based, SEC-licensed investment house incorporated on September 8, 1998, and operating as a majority-owned subsidiary of BDO Unibank, Inc., the country's largest bank by total resources, customer loans, deposits, and assets under management as of December 31, 2025. The firm provides a full-service capital markets platform comprising equity underwriting (public offerings and private placements), fixed-income underwriting, financial advisory for short-, medium-, and long-term growth planning, securitization of asset-backed securities, direct equity investment in companies and start-ups, and retail distribution of PHP- and USD-denominated treasury bonds. Over the three-year period 2023–2025, BDO Capital raised close to ₱3.4 trillion in aggregate capital, with annual volumes of approximately ₱850.7 billion in 2023, ₱949.4 billion in 2024, and ₱1.55 trillion in 2025.

The company's customer base is concentrated in top Philippine corporations, which it serves through dedicated relationship managers operating as an enterprise field sales motion. Go-to-market is anchored by the corporate coverage team and leverages BDO Unibank's distribution platform of nearly 2,000 operating branches and over 7,700 teller machines, which is used to channel retail treasury bond products to individual investors. Revenue is generated through professional services fees, including equity underwriting commissions, fixed-income underwriting fees, financial advisory retainers and success fees, securitization arrangement fees, and returns from direct equity investments. Pricing is quote-based and not publicly disclosed, varying by transaction size, complexity, and structure.

BDO Capital operates within the broader BDO Group ecosystem, which includes BDO Private Bank, BDO Securities, BDO Finance, BDO Network Bank, BDO Life, BDO Insure, BDO Remit, and BDO Foundation, enabling cross-sell across retail, corporate, and wealth management segments. The parent group is part of the SM Group conglomerate. While BDO Capital's primary market is the Philippines, the broader BDO Unibank footprint extends to Hong Kong, Singapore, Europe, North America, and the Middle East, providing potential corridors for cross-border deals and USD-denominated capital markets activity.

Name

BDO Capital

Legal name

BDO Capital & Investment Corporation

Website

https://bdo.com.ph

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

BDO Capital is a Philippines-based, SEC-licensed investment house and majority-owned subsidiary of BDO Unibank, providing equity underwriting, fixed-income, financial advisory, securitization, and retail treasury bond distribution to top Philippine corporations and institutional investors.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Asset-Backed Securities (6189)

akta.pro primary industry

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Investment banking
• Equity underwriting
• Fixed income underwriting
• Financial advisory
• Securities underwriting

Headquarters

HQ city

Makati

HQ country

Philippines

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Banking Fees: BDO Capital generates revenue through investment banking fees including equity underwriting commissions, fixed income underwriting fees, financial advisory retainers and success fees, securitization arrangement fees, and direct equity investment returns. The firm acts as a selling agent for asset-backed securities and provides private placement services for debt and equity.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels1 record

Core offering

BDO Capital operates as a full-service SEC-licensed investment house providing capital markets services to Philippine corporations and investors. Its core offerings include equity underwriting, fixed income underwriting, financial advisory, retail treasury and dollar bond distribution, asset securitization, and direct equity investment in companies and startups. The firm also distributes government securities such as sovereign treasury bonds to retail investors through BDO Unibank's extensive branch and ATM network.

Product overview

BDO Capital operates as a full-service investment house and capital investment partner for the country's top corporations. The firm offers an integrated suite of capital markets services comprising Equity Underwriting (public offerings and private placements), Fixed Income underwriting, Financial Advisory for strategic growth planning, Retail Treasury and Dollar Bonds distribution, Securitization of asset-backed securities, Direct Equity Investment in companies and startups, and Customized Solutions. The company has raised close to ₱3.4 Trillion in aggregate capital over three years (₱850.7 billion in 2023, ₱949.4 billion in 2024, and ₱1.55 trillion in 2025), demonstrating significant market presence in the Philippine capital markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Equity Underwriting Manages and underwrites equity and quasi-equity transactions which can either be sold to the public or privately placed to investors.
• Fixed Income Underwriting Manages and underwrites fixed-income issues as an alternative to equity capital, generally suited to clients avoiding dilution of ownership.
• Financial Advisory Provides bespoke advisory services to companies wanting to explore all possible means to further their short, medium, or long-term growth prospects.
• Retail Treasury Bonds Offers treasury bonds (in PHP or USD) opportunities to make government securities such as sovereign treasury bonds available to retail investors.
• Dollar Bonds Offers dollar-denominated treasury bond opportunities to retail investors seeking foreign currency exposure.
• Securitization Acts as a selling agent on behalf of clients in transforming groups of assets into asset-backed securities issued by special purpose entities.
• Direct Equity Investment Invests directly in existing companies and start-ups, or offers the investments to other clients under private placement services.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• BPI Capital Corporation: Investment banking arm of Bank of the Philippine Islands (BPI), one of the Philippines' largest universal banks. Competes head-to-head with BDO Capital in equity underwriting, fixed income, and financial advisory for top Philippine corporates.
• SB Capital Investment Corporation: Investment banking arm of Security Bank Corporation in the Philippines. Provides equity underwriting, fixed income, and advisory services to Philippine corporates, competing with BDO Capital in the domestic ECM/DCM market.
• China Bank Capital: Investment banking subsidiary of China Banking Corporation, a major Philippine universal bank. Provides equity underwriting, fixed income, and advisory services competing directly with BDO Capital for Philippine corporate mandates.
• First Metro Investment Corporation: Investment banking subsidiary of the Metrobank Group, one of the Philippines' largest banks. Directly comparable to BDO Capital as a full-service investment house offering underwriting, advisory, and securities distribution to Philippine corporates.
• RCBC Capital Corporation: Investment banking subsidiary of Rizal Commercial Banking Corporation (RCBC), a major Philippine universal bank. Offers equity and fixed income underwriting plus financial advisory, directly competing with BDO Capital for mid-to-large Philippine corporate mandates.

Regional players

• Maybank Kim Eng: Investment banking arm of Maybank, one of Southeast Asia's largest banking groups. Operates across Malaysia, Singapore, Thailand, Indonesia, and the Philippines, offering ECM, DCM, and M&A advisory in markets where BDO Capital also competes.
• CIMB Investment Bank: Southeast Asian investment banking franchise of CIMB Group with strong ASEAN-wide ECM/DCM capabilities. Overlaps with BDO Capital on Philippine cross-border deals and ASEAN equity offerings.

Broad incumbents

• UBS Philippines: Global bulge-bracket investment bank that participates in Philippine ECM and M&A mandates, especially larger cross-border transactions where its global distribution complements or outmatches BDO Capital's domestic reach.
• J.P. Morgan Philippines: Global bulge-bracket investment bank with a Philippine presence that competes with BDO Capital on large IPOs, follow-on offerings, and cross-border M&A mandates for top Philippine corporates.
• Morgan Stanley Philippines: Global investment bank with an active Philippine franchise in ECM and M&A. Competes with BDO Capital for high-profile Philippine equity offerings and strategic advisory mandates.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

• YouTubeyoutube.com/channel/UC2KNG66lE-TC6r6NV1xJvuA
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• LinkedInlinkedin.com/company/bdo-unibank

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BDO Capital