Euromoney names BPI ‘Best Bank’ in the Philippines and ‘Asia’s Best Bank for Corporate Responsibility’

The Bank of the Philippine Islands (BPI) was recently named the Best Bank in the Philippines and Asia’s Best Bank for Corporate Responsibility in Euromoney’s Awards for Excellence 2023 for its impressive growth in 2022 and financial literacy programs across the country.

“BPI regains the award as the country’s best bank by posting excellent numbers over the past year. BPI’s net income grew by 65.8 percent to a record of Php 39.6 Bn last year. While its rivals saw a decent jump in net income, BPI’s pace of growth was the fastest,” Euromoney said.

The prestigious international publication also noted that BPI’s return on equity grew to 13.14 percent last year from 8.4 percent the year before, while total deposits rose 7.2 percent year-on-year to Php 2.1 Tn, beating the industry average.

“We are very honored and grateful for these awards because they reaffirm the Bank’s renewed strength and solid performance in delivering best-in-class products and services. They also bolster our commitment to improve the lives of Filipinos through financial literacy programs and inspire us to continue building a better Philippines – one family, one community at a time,” said BPI President and CEO TG Limcaoco.

Under Limcaoco’s leadership, BPI has demonstrated strong capability to deliver innovative digital solutions. Early last year, the Bank rolled out a subscription-based platform that provides efficient invoicing and collection process to micro, small and medium-sized enterprises. It also introduced VYBE, a new e-wallet and lifestyle app. By December 2022, BPI customers enrolled in its digital platforms rose 18 percent year-on-year to 5.8 Mn.

Euromoney also cited BPI’s focus on sustainability with the launch last year of green time deposits and energy transition financing facilities.

Corporate responsibility

BPI also won as Asia’s Best Bank for Corporate Responsibility, becoming the first Philippine bank to win the accolade in the Euromoney Awards for Excellence 2023. The award recognized BPI for its initiatives in achieving better financial literacy in the Philippines through its social development arm, BPI Foundation.

Among the foundation’s most notable programs is FinEd Unboxed, a financial education platform that seeks to improve financial literacy levels among migrant domestic workers, public officials, farmers, and fishing communities.

“With this program, we aim to influence a change in mindset and behavior when it comes to earning, growing, and managing finances.  The comprehensive learning modules were designed to improve an individual’s ability to save, budget, invest, manage credit and even plan for retirement,” said BPI Foundation Executive Director Owen Cammayo.

BPI Foundation also implements other programs such as “Sinag,” which nurtures and develops the Social Enterprise (SE) community, and the Small Enterprise Acceleration Lab that enables nano, micro and small enterprises to scale up and grow.

First established in 1992, Euromoney’s Awards for Excellence were the first of their kind in the global banking industry. Euromoney determines winners by an editorial panel of judges following a three-month research and interview process.