Bankers optimistic as Marcos is set to become next president
Banko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier said leaders in the banking industry are optimistic as President-elect Ferdinand Marcos Jr is set to assume office on June 30.
“Leaders of the banking industry expect double-digit growth in assets, loans, investments, deposits and net income in the next two years. Latest consumer and business confidence surveys also indicate a more optimistic outlook in the next quarter which is expected to boost lending activity going forward,” Fonacier said Wednesday in her keynote speech at an online forum.
According to Foncier, initial data from the BSP as of April showed sustained asset expansion with banks total resources rose by 6.7 percent year-on-year.
She said the COVID-19 pandemic has “become a catalyst in bridging the divide between the unbanked and the formal financial sector,” with more people shifting to online platforms for their transactions.
The central bank is hoping for the passage of two bills which would help in the rural sector, Fonacier said.
“On the legislative front, the BSP is looking forward to the enactment of the enhanced Agri-Agra and Rural Financing bill which recognizes sustainable finance as a legible form of compliance with mandatory credit. Lastly, the BSP collaborates with the private sector and government agencies on programs to promote financial education and consumer protection in line with the NSFI (national strategy for financial inclusion),” she said. Jaspearl Tan/DMS
