From helping lay the foundations of Philippine banking in the 19th century, the Ayala banking arm now wants to make financial services easier to access for millions more Filipinos as it pushes deeper into digital banking and financial inclusion.
“If you think about it, when we were founded in 1851, we were really founded as the de facto central bank of the country where we created the first loans and stabilized commerce,” BPI president and CEO Jose Teodoro “TG” Limcaoco said during an anniversary event on Monday.
“Today, we look at our vision as improving the lives of our countrymen,” he added.
A new mission
Limcaoco said financial inclusion remains one of BPI’s biggest priorities, with the bank rolling out several initiatives in recent weeks to lower barriers to banking.
“Financial inclusion remains one of our biggest missions,” he said.
BPI, the country’s No. 3 lender, recently became the first major bank in the Philippines to remove fees for digital fund transfers.
The bank has also expanded cash deposit and withdrawal services to more than 1,200 partner stores and linked its onboarding process with the Philippine Statistics Authority, allowing customers to open accounts using the national ID.
“All of these in the last month alone have seen tremendous pickup,” Limcaoco said.
From nation building to inclusion
Founded in 1851 as El Banco Español Filipino de Isabel II, BPI became the country’s first bank and printed the Philippines’ first paper money.
Ayala Corp. took control in 1969, turning BPI into the banking arm of what is now the country’s oldest conglomerate, with businesses spanning finance, real estate, telecommunications, power, logistics, healthcare, manufacturing and electric mobility.
While BPI’s role has changed over 175 years, Limcaoco said its commitment to nation building has remained constant.
“We need to do more for our country. Our vision is to build a better Philippines, one family, one community at a time,” Limcaoco said.
—Edited by Miguel R. Camus
