Oct 29, 2013
• The Philippine International Banking Convention 2013, organised by the Asian Banker, was attended by senior executives from more than 20 financial institutions.
• Bangko Sentral ng Pilipinas governor HE Amando M. Tetangco Jr. delivered opening keynote.
• High potential in the Philippine market and banks must lower operating costs.
Manila, The Philippines, 30 October 2013 – The Philippines International Banking Convention (PIBC) 2013, organised by The Asian Banker, was held on 25th October 2013 at the Shangri-La EDSA, Manila. The one day event connected over 200 senior delegates from the financial services industry, including bankers and regulators.
The Philippine International Banking Convention was attended by senior executives from more than 20 financial institutions
Supported by Bankers Association of the Philippines, PIBC 2013 was aimed at promoting innovative developments taking place in the Philippine banking industry and within the global community. Now in its third year, PIBC continues to be the key platform that brings international best practices to the Philippines.
"The Asian Banker is happy to be back in The Philippines again for this year’s PIBC, and we’re delighted to be joined by so many top-level delegates from more than 20 financial institutions. We are excited to continue to track and tell the story of the deep developments happening in the Philippine economy and banking sector, and to share international best practices with the industry,” said Mr. Emmanuel Daniel, chairman, The Asian Banker.
Bangko Sentral ng Pilipinas governor HE Amando M. Tetangco Jr. delivers opening keynote
Opening keynotes at the conference were delivered by governor of Bangko Sentral ng Pilipinas, HE Amando M. Tetangco Jr., Lorenzo Tan, president of Bankers Association of the Philippines and Glenn B. Maguire, chief economist, Asia Pacific, ANZ.
“Indicators clearly show a growing industry. But that cannot be the only measure of success”, said HE Amando M. Tetangco, governor, Bangko Sentral ng Pilipinas. “Stress tests, which we conduct every semester,.. tell us that the balance sheet of banks can absorb extreme credit shocks. Even at a 50% write off, capital positions are sufficient to take on the magnitudes of such losses”, he added.
In delivering his keynote speech, Lorenzo Tan, president, Bankers Association of the Philippines, said “These are times that call for valuable lessons learned, competitive expertise and excellence in performance across all aspects of the banking industry”. He also urged for the pursuit of continuing excellence to be taken seriously by the banking industry in order to benefit from key opportunities and effectively manage downside risks.
High potential in the Philippine market but banks must lower operating costs
“The Philippine retail banking industry generated $1.2 billion in retail banking income so far in 2013; 2-6 times lower than markets such as Indonesia, Mynamar or Vietnam, but we see high potential in the market here, and banks must do more to lower their operating costs”, said Tan.
Participation by so many senior-level delegates this year underlines the fact that the Philippine banking industry has changed dramatically in recent years. It is set for substantial growth after its credit rating has been raised to investment grade.