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Category: Finance

  • RCBC leads the way to open banking in the country

    RCBC leads the way to open banking in the country

    Imagine being able to secure loans with some of the lowest interest rates in the banking industry. Or conveniently transferring funds from one bank account to another, or perhaps, experiencing the best possible customer banking service around.

    To get all these and other “perks”, most financial institutions would require one to become their preferred client. But in today’s digital technology and in the global banking industry, getting access to all these benefits is simply a matter of banking customers securely sharing their data with other financial institutions. This is the beauty of open banking.

    Open banking enables financial services customers such as companies, entrepreneurs and ordinary depositors and borrowers, to have access to various products and services from competing banks and other financial institutions by allowing the latter to digitally and securely access their financial information. Customers can compare product offerings and avail of the best ones that suit their needs and fit their capabilities, thereby helping them earn more from bigger savings interest rates, avail of loans more easily, and pay more conveniently, towards managing and improving their finances.

    With the concept of open banking, financial institutions such as banks—big and small—fintech companies, and other players, can share their respective clients’ data through the use of application programming interfaces (APIs). These APIs enable customers or the data subjects to share only data pertinent to the product or service they are looking to avail and not the account credentials.

    The European Union (EU) initiated PSD2 (Revised Payment Service Directive) as an emerging Open Banking standard. This is a game-changer in the industry as banks’ monopoly on their customer account details will soon disappear. This required European banks to provide Open APIs which does not need additional customized developments. It reduces barriers to innovation and limits the big banks’ “walled gardens.” In fact, even the Philippines’ data privacy law was influenced by EU’s stringent data protection regulation, including the adoption of the General Data Protection Regulation (GDPR).

    Open banking can enable banks and other financial institutions to have access to data that will enable them to process loan applications quicker or better advise their clients on their finances. This encourages banks to be more competitive, leading to more affordable products, faster services, better customer relations, and investing in digital technologies, to the benefit of customers.

    This is what Rizal Commercial Banking Corporation (RCBC) hopes to spearhead in the industry as it recently became the first local bank to advocate and implement open banking, affirming its position as a digital trailblazer in the financial industry.

    But more than encouraging competition among banks, RCBC aims to lead the way to open banking in the country to become the Filipinos’ prime financial inclusion partner.

    “With open banking, we can power the transactions of rural banks, cooperatives, micro-financial institutions and other small players, giving their customers access to a wide array of financial services using RCBC Open APIs,” said Lito Villanueva, RCBC Chief Innovation and Inclusion Officer.

    Already, RCBC has beefed up its open banking capabilities by establishing API partnerships with leading fintech companies; local payment networks PESONet and Instapay; and IBM Blockchain World Wire remittance.

    Through open banking, RCBC aims to serve the global financial services needs of more than 30 million customers of fintechs, rural banks, cooperatives, and micro-financial institutions all over the country.

    John Paulo Ondra Caparros

    Public Relations Department

    Strategic works, Inc.

    +63.893.7472 | +639. 17.158.7918

    john.caparros@stratworks.ph

    2nd Floor Zaragoza Building, 102 Gamboa Street, Legaspi Village, Makati City PH

  • BDO bags 4 awards at the 9th Asian Excellence Awards

    BDO bags 4 awards at the 9th Asian Excellence Awards

    BDO Unibank, Inc. was again honored at the recently held Asian Excellence Awards, bagging highly-coveted titles such as Asia’s Best CEO, Best Investor Relations Company, and Best Corporate Communications.

    BDO’s chairperson Teresita Sy-Coson and president and CEO Nestor V. Tan were chosen as Asia’s Best CEOs (Investor Relations) for their superior leadership and excellence in driving the overall management and growth of the Bank.

    Meanwhile, BDO executive vice president and head of Investor Relations & Corporate Planning Luis S. Reyes Jr. was awarded Best Investor Relations Professional (Philippines). The Best Investor Relations Professional is given to those who excelled in keeping investors well-informed about the developments in their company. Investor relations is critical to generating shareholder value for investors.

    Spearheaded by Corporate Governance Asia, the 9th Asian Excellence Awards is a highly-coveted recognition for corporates that have adopted the highest standards of ESG (Environmental, Social, and Governance) in the way they operate and grow their businesses.

    Winners for this year were picked from several countries across the region, including China, Hong Kong, India, Japan, Korea, Indonesia, Malaysia, Singapore, Taiwan, Thailand, Vietnam, and the Philippines.

    Strategically linked to its corporate vision and core values, corporate governance is an integral part of the bank’s operations.  From mere compliance, the bank has successfully put in place a framework, policies, committees, and initiatives that not only strengthened its financial position but also enhanced its reputation among its shareholders and foreign investors.

    The bank’s corporate governance philosophy–empowerment with accountability–”gives its leaders the freedom to move the business forward without undue restraint but are expected to act with due care, responsibility, and accountability,” the bank told to Corporate Governance Asia. As such, BDO is able to deliver its commitment to its shareholders: sustainable corporate growth and long-term value creation.

    “When we set out on our mission to honor Asia’s finest executives and corporates, we embark on a journey to enhance their standards of corporate governance, and through this advocacy to institutionalize the best practices across the region, we recognize that they key to long-term sustainability and success of companies us having a solid reputation in the market and exemplary business models, and how they are applied and conducted in accordance with the highest principles of corporate governance,” Mr. Aldrin Monsod, founder, managing director and publisher of Corporate Governance Asia said in honoring this year’s winners.

    About BDO Unibank, Inc.

    BDO is a full-service universal bank which provides a wide range of corporate and retail banking services. These services include traditional loan and deposit products, as well as treasury, trust banking, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards, credit card services, and stock brokerage services.

    BDO has one of the largest distribution networks, with more than 1,300 operating branches and over 4,000 ATMs nationwide. It also has a full-service branches in Hong Kong and Singapore as well as 23 overseas remittance and representative offices in Asia, Europe, North America, and the Middle East.

    BDO ranked as the largest bank in terms of total assets, loans, deposits, and trust funds under management based on published statements of condition as of March 31, 2019. For more information, please visit www.bdo.com.ph.

    BDO Unibank, Inc.
    BDO Corporate Center
    7899 Makati Avenue
    Makati City 0726, Philippines
    Tel +63(2) 840-7000
    www.bdo.com.ph

    Chesca Ortega
    PR and Events Specialist
    Roar Agile Communicators Corp
    roar.ph chesca.roar@gmail.com

  • BDO earns P20.2 Bn in 1H 2019

    BDO earns P20.2 Bn in 1H 2019

    BDO Unibank, Inc. (BDO) sustained its momentum as it delivered P20.2 billion in earnings for the first six months of the year on strong recurring earnings from its core businesses, solid growth in fee income and normalization of trading & forex gains.

    Net interest income increased by 24% to P56.9 billion as net interest margins (NIMs) improved to 3.99 per cent from 3.50 per cent last year. Gross customer loans grew by seven (7) per cent to P2.0 trillion, as the Bank continued to generate double-digit growth in the consumer and middle market segments. Meanwhile, total deposits went up by three (3) per cent to P2.4 trillion, reflective of customers’ shift to higher-yielding fixed income investments, primarily bank-issued bonds. The Bank’s CASA ratio, however, was maintained at 70 per cent.

    Non-interest income was up 29 per cent to P29.5 billion as fee-based income and insurance premiums posted double-digit growth. Further, trading and forex gains normalized to P3.6 billion on favorable capital market conditions.

    Operating expenses grew by 21 per cent in line with the Bank’s continuing expansion, with 53 domestic branches and offices opened in the 1H 2019, as well as higher volume-related expenses. Taxes and licenses and policy reserves at BDO Life increased by 51 per cent. Excluding volume-related expenses, opex growth would have risen by 14 per cent in line with the Bank’s investment in branches and business development offices nationwide.

    Provisions amounted to P3.0 billion as the Bank maintained its conservative credit and provisioning policies. Gross non-performing loan (NPL) ratio was steady at 1.2 per cent while NPL cover remained high at 163.2 per cent.

    Total capital grew to P350.8 billion, with Capital Adequacy Ratio (CAR) and Common Equity Tier 1 Ratio at 14.2 per cent and 12.6 per cent, respectively, higher quarter-on-quarter and remaining comfortably above regulatory requirements.

    With expectations of better economic prospects going forward, BDO will continue to build on its business franchise and extensive distribution network to tap new growth areas and underserved markets.

    About BDO

    BDO is a full-service universal bank which provides a wide range of corporate and retail banking services.  These services include traditional loan and deposit products, as well as treasury, trust banking, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards, credit card services, and stock brokerage services. 

    BDO has one of the largest distribution networks, with more than 1,300 operating branches and over 4,000 ATMs nationwide.  It also has a full-service branches in Hong Kong and Singapore as well as 23 overseas remittance and representative offices in Asia, Europe, North America and the Middle East. BDO ranked as the largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of March 31, 2019. For more information, please visit www.bdo.com.ph.

    Nancy May Francisco-Lugatiman

    PR Manager ROAR Agile Communicators Corporationm: +639177920519w: roar.ph  e: nancy@roar.ph

  • Be ready on your next getaway with these five travel must-haves!

    Be ready on your next getaway with these five travel must-haves!

    Planning for a trip takes more than just booking flights and reserving hotel accommodations. Every seasoned traveler knows that it is equally important to immediately research for suggested itineraries and make a list of things to bring for the duration of the vacation.

    Complete your travel essentials with a World Traveler luggage and Hydro Flask water bottle when you get your own CEB GetGo Credit Card.

    From making sure that all travel documents are ready, to choosing the right luggage to bring and knowing the appropriate clothes to pack, preparing for any kind of getaway may be nerve-racking. To make things easier the next time you’re going on an out-of-town trip or flying to another country, here’s a checklist of items you should not forget to pack in your bag:

    1. Reusable water bottle. Exploring a different city means that you will be walking around the streets and taking public commute for hours. One of your best travel companions to keep you energized and hydrated during your adventures is a cool bottle of water. While you can always buy from convenience stores, it is recommended to bring your handy tumbler which you can always refill anytime for free.
    2. Fully charged power bank. Almost everything needed to survive traveling is already in a smartphone such as maps, language translator, and currency calculator. So, imagine just how hard it would be if your phone’s battery drained. With a portable power bank in your bag, you can save yourself from emergencies by just plugging your gadget and charging it on the go.
    3. Complete health kit.  Whether you’re traveling within the country or to a new destination, it can be difficult to get treatment when an injury or illness happens. That’s why it’s always better to be prepared with your own kit, complete with medicines and basic first aid supplies including bandages and alcohol so you can immediately tend to any kind of emergency or accident.
    4. Small travel bag. A luggage is needed to carry all your things to one destination; but when you’re already touring the city, you wouldn’t want to carry a big heavy bag. To truly enjoy and travel like a tourist, you should have an additional crossbody bag or purse which you can practically bring anywhere you go. 
    5. Widely-accepted credit card. While it is great to be prepared with cash when traveling, having a credit card is much more convenient and hassle-free for purchases locally and even abroad. With a credit card, you are free to shop and spend for the most rewarding and memorable experiences. Some banks even offer travel credit cards with amazing rewards such as points to fly for free for every purchase transaction! 

    Cebu Pacific’s lifestyle rewards program, GetGo has its own fleet of credit cards – CEB GetGo Credit Card and CEB GetGo Platinum Card – that let members enjoy cashless transactions and online shopping convenience wherever they are, while earning points that can be redeemed to book a free Cebu Pacific flight! It has one of the best conversion rates in the market, with every P30 spend earning members 1 GetGo Point.

    For those who don’t have their own CEB GetGo Credit Cards yet, GetGo and UnionBank is bringing its newest exciting promo for new cardholders. From now up to October 8, 2019, those who will apply for a CEB GetGo Credit Card will get a free cabin-sized World Traveler luggage and an 18-oz. wide mouth Hydro Flask vacuum-insulated stainless-steel water bottle upon spending P20,000 on the card within 65 days from approval date.

    Meanwhile, new CEB GetGo Platinum Cardholders will get the luggage and Hydro Flask as well as a promo code worth 8,000 GetGo Points upon spending P40,000 with the card within the same period. With this much points, new members can immediately book a one-way ticket to any local or Southeast Asian destination that they have been wanting to visit.

    Apply for any of the CEB GetGo Credit Cards and get a World Traveler luggage and Hydro Flask water bottle to bring on your next vacation.

    So, what are you waiting for? Get ready to travel with your CEB GetGo Credit Cards and brand-new travel luggage and Hydro Flask. Apply for your own card at http://bit.ly/cebgetgocreditcard and visit http://bit.ly/ggtravelbundle for full mechanics. Promo runs until October 8, 2019. For more information on memberships and partners, visit www.getgo.com.ph. Never miss out on exclusive member offers and the latest news on partner promos by subscribing to GetGo email alerts. Just log in to your account, go to ‘Profile’, select ‘Preferences’, click ‘My Settings’, and choose ‘Count Me In’. You can also like and follow GetGoPH’s official pages on Facebook, Twitter, and Instagram.

    John Paulo Ondra Caparros

    Public Relations Department

    Strategic works, Inc.

    +63.893.7472 | +639. 17.158.7918

    john.caparros@stratworks.ph

    2nd Floor Zaragoza Building, 102 Gamboa Street, Legaspi Village, Makati City PH

  • Leading the charge in financial inclusion

    Leading the charge in financial inclusion

    Yuchengco Group of Companies Chairperson Helen Yuchengco Dee (first row, fifth from left) and Rizal Commercial Banking Corporation Chief Innovation and Inclusion Officer Lito Villanueva (second row, fourth from left) recently led a signing of a memorandum of understanding to launch DiskarTech, the country’s first-ever financial inclusion accelerator program to harness the Filipinos’ entrepreneurial spirit. Photo also shows officials from program partners PLDT Enterprise, Smart WiFi, Malayan Insurance, Liga ng Mga Barangay, League of Municipalities, Local Climate Change Adaptation Development, Philippine Association of Stores and Carinderia Owners, and Ka-Entrep Micro and Small Entrepreneurs Organization of the Philippines.

  • BDO Foundation PH teaches financial education to kids through storytelling

    BDO Foundation PH teaches financial education to kids through storytelling

    A boy who succeeds in getting his dream toy, an enterprising high school student who uses her creativity to earn income, and a modified version of a well-loved folk song—these are just some of the content used to teach youngsters the value of saving money and preparing for the future.

    The materials, which come in the form of videos, are part of the training tools developed by BDO Foundation, the Department of Education (DepEd) and Bangko Sentral ng Pilipinas (BSP) to promote financial education among public school students from kindergarten all the way to senior high school.

    Gandang Girlie Video –  “Ganda ni Girlie,” describes how a high school student’s resourcefulness and creativity help her earn income even in her youth. 

    “Young people are into watching videos. We thought it would be best to come up with financial literacy videos that would not just entice, but more importantly, educate them,” said BDO Foundation president Mario Deriquito.

    He also said the strategy to leverage storytelling and music was meant to provide entertainment while educating children on the very important subject of personal finance.

    Savings from her earnings
    Savings from her earnings

    “The beauty of stories and songs is that they are easy to remember. Kids appreciate the materials better because they can easily imagine being the characters in the stories. This makes the materials so powerful in teaching and inspiring,” Deriquito continued.

    Five financial education videos for students have been released to date. These aim to catch students’ attention and enable them to learn about the value of money at the same time.

    The said tools, developed by BDO Foundation in partnership with DepEd and BSP, were deployed to public schools nationwide by virtue of DepEd Memo No. 32, series of 2019, signed by DepEd Secretary Leonor Briones.

    Finishing touches for her springless notebook business

    The videos include “Walk Hard for the Money,” which tells of an elementary school boy who chooses to walk to school instead of commuting despite being given allowance. Along with other money-making efforts, these eventually pay off, allowing him to buy an electric scooter, which he later rides to school.

    Another video, “Bente Bente,” conveys the same message to young school children to the tune of “Tong Tong Pakitong-kitong.”

    Inspired by the Filipino folk song Magtanim ay Di Biro, “Umutang ay Di Biro” also uses music to tell older students to save their allowance, limit spending and pay debts on time.

    Newspaper fund drive from her neighbors & sells it to nearby junkshops

    “Ganda ni Girlie,” meanwhile, describes how a high school student’s resourcefulness and creativity help her earn income even in her youth.

    “Save to Have a Million: Junior Edition” discusses the right attitudes in handling money through a game show.

    Other than the videos for the students, the financial literacy learning tools also include lesson plans, discussion guides, and financial education videos for teachers and non-teaching personnel.

    Ice Candy business during weekends

    “It is very important that the students start the habit of saving while they’re young,” Deriquito emphasized. “This is our strategy for greater financial inclusion among Filipinos in the long run.”

    A survey conducted by global financial services firm Standard & Poor’s revealed that only 25% of Filipino adults are financially literate. This is lower than the global average of 33%.

    “We hope that the videos encourage the students not just to live for the moment, but prepare for their future by saving and spending wisely now,” Deriquito added.

    Barbecue Outside her village area with the help of her relatives taking turns in grilling then selling it.

    BDO Foundation will be developing more financial education materials together with DepEd and BSP in the future.

    The foundation also has financial education programs for overseas Filipino workers and their families, army personnel and their families, and small farmers. Its programs will further be discussed in a web series on YouTube.

    BDO Foundation is the corporate social responsibility arm of BDO Unibank.

  • BDO, one of Asia’s Icons on Corporate Governance

    BDO, one of Asia’s Icons on Corporate Governance

    Corporate Governance Asia awarded BDO with the Asia’s Icon on Corporate Governance for the 14th time. The icon award recognizes the best of the best in corporate governance (CG) in Asia for setting the benchmark of what CG should be.

    The country’s largest bank also took home the Asia’s Outstanding Company on Corporate Governance Award for its consistently high CG standing, while BDO Chairperson Teresita Sy-Coson and President & CEO Nestor V. Tan were co-awarded with the Asian Corporate Director Recognition Award for their exemplary leadership.

    “Corporate governance is now deeply embedded in Asia, which in many ways, serves as an attractive proposition for investors to park their capital in this region,” said Corporate Governance Asia Founder and Publisher Aldrin Monsod. “Corporations here have adopted and continue to adapt to the best international practices that have made Asia an important investment destination for global fund managers.”

    For Tan, CG is valuable in maintaining a healthy, financially-sound, and well-managed bank. “It is a key driver towards our sustainable growth and long-term value creation,” he said.

    BDO’s CG practice is recognized as one of the best in the Philippines. With a high score on the ASEAN CG Scorecard, the bank is one of the Top 50 ASEAN Publicly-Listed Companies in Corporate Governance.

    Having an award-winning CG practice bodes favorably among foreign investors. BDO has received an over subscription in its capital market offerings, one of the clear indications that it is a good credit risk as an issuer.

    “We are always looking out for our clients. To serve them in the best possible way, we constantly evolve our CG practices to support the requirements of the changing business landscape, comply with new regulations, and align with international best practices,” added Tan.

    Corporate Governance Asia publishes news and analysis on CG issues, boardroom practices, and shareholder activism. Now on its 14th year, its Best of Asia Awards celebrates the success of companies that adhere to the highest CG standards. Awardees have integrated effective Environmental, Social, and Governance (ESG) practices across their business. They are also awarded for the quality of their management, their business model, growth prospects, financial performance, and relative position in their industries.

    “Part of getting recognized entails the responsibiliy to maintain our performance and if possible, exceed it. We welcome this challenge in keeping with our We Find Ways service philosophy, knowing that our clients stand to benefit further from our improvements,” concluded Sy-Coson.

    EXEMPLARY LEADERS. Teresita Sy-Coson, chairperson, and Nestor V. Tan, president and chief executive officer of BDO Unibank, Inc., were bestowed with the Asian Corporate Director Recognition Award by Corporate Governance Asia. Also during the 14th Best of Asia Awards, BDO was also given the prestigious Asia’s Icon on Corporate Governance Award and the Asia’s Outstanding Company on Corporate Governance Award.

    About BDO Unibank, Inc.

    BDO Unibank, Inc. is a full-service universal bank which provides a wide range of corporate and retail banking services. These services include traditional loan and deposit products, as well as treasury, trust banking, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards and credit card services. 

    BDO has the country’s largest distribution network, with over 1,200 consolidated operating branches and more than 4,000 ATMs nationwide. It also has 24 overseas remittance and representative offices (including full-service branches in Hong Kong and Singapore) in Asia, Europe, North America, and the Middle East.

    BDO ranked as the largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of December 31, 2018. For more information, please visit www.bdo.com.ph.

    BDO Unibank, Inc.

    BDO Corporate Center

    7899 Makati Avenue

    Makati City 0726, Philippines

    Tel +63(2) 840-7000

    www.bdo.com.ph

    CARLO LEO C. MANUEL
    Corporate Communications 
    Marketing Communications Group
    BDO

    manuel.carlo@bdo.com.ph
    878-4415
    840-7000 loc. 34415
    12th Floor, North Tower

    Nancy May Francisco-LugatimanPR Manager ROAR Agile Communicators Corporationm: +639177920519w: roar.ph  e: nancy@roar.ph