This puts a damper on an otherwise promising year for business growth, though 2025 could see a rebound if risks subside, said Nestor Tan, president of the Sy family’s BDO Unibank Inc.
“2024 was actually a good year. It started out slow, was getting better, and then the fourth quarter started to slow again, and these are factors beyond our control,” Tan said during a media party hosted by the bank.
“The uncertainty over the change in administration in the US, and then certain political noise here, and then recently what’s happening regionally, the South China Sea, Korea, and the like,” he said.
Cautiously optimistic for 2025
Tan said this has prompted businesses to delay some of their expansion programs.
“Those have put a lot of the plans of corporations temporarily on hold, and I hope they don’t cancel it,” he said.
“We’re looking forward to a more reserved [conclusion to] 2024 and hopefully, a pickup in 2025,” he added.
Banks urge clients to be vigilant against online fraudsters
Tan said a key concern for the banking industry is the rising incidence of cyber fraud.
To combat this, he said ustomers play a crucial role in prevention by adopting secure practices.
“Prevention of cyber-fraud is a two-way street. Banks have to do their part, but consumers have to do their part,” he said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
