Thrift banks to push expansion to new markets

The Chamber of Thrift Banks (CTB) will highlight its strong support for the Bangko Sentral ng Pilipinas’ (BSP) thrust to build a more inclusive financial system at its annual convention slated on March 29 at Shangri-La Hotel, Makati City.

With “Expanding to New Markets,” as theme, the gathering aims to define the plan of action and initiate the next steps that are needed to reach out to more unbanked Filipinos. Financial technology company FintQnologies Corp. is this year’s CTB convention partner.

“Thrift banks’ closer role to the communities they serve puts them at a crucial position that can contribute significantly to broadening access to financial services,” said Cecilio San Pedro, CTB and Sterling Bank President.

“We hope to align our direction with the government’s agenda to decentralize economic activity and increase infrastructure development which are targeted to boost economic growth through financial inclusion and digitalization,” he said.

Establishing more “branchlite” units or basic bank branches deployed outside business districts and strengthening of the digital finance ecosystem are some of the reforms of BSP that aim to provide more Filipinos with the tools that they need to make sound financial decisions.

“Expanding to new markets will open more avenues for the public to use formal channels for money transfers, payments, and savings, particularly for the underserved communities and the micro, small and medium enterprises (MSMEs),” explained San Pedro.

Through the years, thrift banks have always been at the forefront of mobilizing deposits and extending credit resources to individuals and MSMEs particularly in the countryside and in the provision of housing and consumer loans.