WHO WE ARE

As the first bank in the Philippines and in Southeast Asia, Bank of the Philippine Islands has established a history of client trust, financial strength, and innovation. Since 1851, our business, products, and services have created sustainable value and played a significant role in every Filipino’s daily life, as well as in the country’s growing economy.

A fully diversified universal bank and a recognized leader in the banking industry, BPI offers a diverse range of products and services in consumer and corporate banking as well as in asset management, payments, insurance, investment banking, foreign exchange, leasing, and securities distribution. We continue to enhance our digital infrastructure for a truly digital banking experience in the future, where our clients of all segments, including corporate, consumer, or small, medium and micro-entrepreneurs, can have better, more convenient, and secure access to our services.

We continue to build the bank’s digital infrastructure and introduce innovations that make banking easier for an increasingly digital population: phone banking, internet banking, and mobile banking.

Our network consists of 1,173 BPI, BPI Family Savings Bank, BPI Direct BanKo branches and branch-lite units nationwide. We have a client base of about 8.6 million being served by a 19,952-strong employee workforce.

MARKET OUTLOOK

The COVID-19 pandemic, which compelled the Philippines to impose restrictions on mobility, resulted to a 9.5% economic contraction in 2020, the worst since the 1980s debt moratorium.

With the economy slowly reopening, local demand will most likely improve although a full recovery is not expected in 2021. The lack of foot traffic in malls and other public areas continues to dampen the demand for goods and services that involve human contact, while the decline in household income amid the pandemic has forced consumers to tighten their belts. However, e-commerce and the widespread use of delivery services are expected to cushion the decline in consumer spending.

The availability of a vaccine in the second half of 2021 may accelerate the recovery of the economy. We expect a 6.8% growth rate in 2021. However, the possibility of a second wave and government underspending may possibly pull down growth in 2021.

We see upside risks that could keep inflation above 4% in the coming months. The distribution of vaccines may lift global demand and push oil prices higher, while supply constraints in the meat sector will likely continue owing to the impact of the African Swine Fever. Inflation risk along with the steepening of the US Treasury yield curve and additional borrowing from the government may exert upward pressure on interest rates.

With the economy slowly reopening, we expect imports to recover. Risk to this outlook includes below-target public sector spending. With businesses still struggling, the lack of fiscal support and public construction may stall recovery and dampen the demand for capital goods.

CAPITALS