The Bank of the Philippine Islands’ (BPI) microfinance arm, BPI Direct BanKo, Inc., A Savings Bank (BanKo), granted loans to more than 149,000 microbusinesses in 2022. This is an 18% increase from their total disbursed loans in 2021, affirming the BPI Group’s strategic priority of uplifting the lives of every Filipino.
“The year 2022 was a challenging one, but we have emerged with a renewed focus and a strong vision for the future,” said Jerome B. Minglana, BanKo President. “We are committed to delivering the best possible experience for our clients, while also increasing our profitability.”
With 317 branches nationwide, the BPI subsidiary is doubling down on supporting self-employed microentrepreneurs (SEMEs) with simple, convenient, and innovative financial services to help drive business growth.
“For us at BanKo, it is all about innovating the best and most convenient products to make everyday banking easier and more accessible for Filipinos,” said Rodolfo K. Mabiasen Jr., Head of BanKo’s Financial Inclusion and Microfinance Solutions. “By empowering our customers to do more, we are able to uplift more lives and, ultimately, support the growth of the SEME market.”
Reflecting that approach, in May 2022, the bank successfully launched Todo Savings, a high-interest digital savings account with no maintaining balance. Deposits with a minimum of P5,000 up to a maximum of P50,000 could earn 4% per annum. Exciting new loan offerings followed in September 2022: a zero-interest loan with quick approval called NegosyoKo Lite and Starter 10 Loan meant to reach more SEMEs in need of lower loan amounts. By November 2022, the bank increased its digital capabilities by implementing enhancements on the BanKo Mobile app, including features such as payments via QR code.
Established in 2009, BanKo’s mission is to advance financial inclusion by providing SEMEs with simple, efficient, and inexpensive loan options to support their operations or expand their businesses. BanKo has been fostering better financial literacy and the benefits of microfinance among its customers, particularly entrepreneurs.
“At BanKo, we aim to promote financial access for all,” said Marie Josephine M. Ocampo, BanKo Chairman. “As part of our commitment to responsible banking, we aim to consistently offer financial products and services while supporting economic growth, thereby providing lasting benefits for both clients and society. To do this, we will continue on improving in every way, driving operational efficiencies, and expanding our capabilities to better serve the unique needs of our clients and, in due course, build a better Philippines, one family, one community at a time.“
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