BanKo bags award from Asian Banker

BPI Direct Banko, Inc. (Banko), the microfinance subsidiary of the Bank of the Philippine Islands (BPI), was recently named the Microfinance Initiative of the Year by The Asian Banker in its Philippines Country Awards 2017.

Banko was recognized for its mission to promote financial inclusion by providing self-employed micro-entrepreneurs (SEMEs) with easy access to affordable loan products. The Asian Banker, a leading provider of strategic intelligence on the financial services industry, recognized Banko for developing a new creditmodel that is more suitable for its target segment – given the difficulties of SEMEs in accessing credit from formal banks.

“We are grateful for the affirmation from The Asian Banker, as this strengthens our resolve to support the Philippines’ vision of financial inclusion. We will continue to empower the financial capabilities of our selfemployed micro-entrepreneurs who rarely have access to formal banking,” said Jerome Minglana, Banko President.

The publication noted how Banko’s ‘Negosyo ko’ loan made application processes easier, and how the bank coupled this service with a very hightouch customer engagement strategy. BankoMare and BankoPare, Banko’s financial advisers, themselves belong to the communities they serve, and act as loan officers who engage clients in their financial decision-making as they expand their businesses.

The branch personnel are also required to meet with their customers regularly, even after a loan has been released. The Asian Banker noted that this allows BanKo to keep in-touch with its market, monitor their different needs, and more importantly promote financial literacy.

Banko recently opened 15 new branches in key areas around the country, including Bicol, Negros Oriental, Davao, and Central Luzon. By the end of October 2017, BanKo aims to have 90 branches nationwide. PR

CONTRIBUTED PHOTO BPI Direct BanKo, Inc., the microfinance subsidiary of the Bank of the Philippine Islands (BPI), was recently named the Microfinance Initiative of the Year by The Asian Banker. (From left) Neeti Aggarwal, Asian Banker Senior Research Manager; Richard Hartung, Asian Banker International Resource Director; Rodolfo Mabiasen Jr., Head of Loans of BPI Direct BanKo; Jerome Minglana, BPI Direct BanKo President; Natividad Alejo, BPI Direct BanKo Chairman; and Foo Boon Ping, Asian Banker Managing Editor during the awarding ceremony.