Micro entrepreneurs now have a great option to continue running their businesses without being deep in debt or go to loan sharks because Bank of the Philippine Islands recently launched BPI Direct BanKo, Inc., or BanKo. It’s the bank’s micro finance division where small businesses are offered affordable and appropriate loan products plus financial advice and solutions.
BPI—BPI Direct Savings Bank Inc. and BPI Globe BanKO, two specialized thrift bank units merged to form BPI Direct BanKo, Inc. Its aim is to give micro entrepreneurs access to formal banking without the hassles.
BanKo recently opened 15 new branches in key areas around the country, including Bicol, Negros Oriental, Davao, and Central Luzon, bringing the total number of branches nationwide to 24. By October 2017, BanKo aims to have 90 branches nationwide.
“At BPI, we proactively listen and always strive to address the financial needs of all clients across sectors. BanKo is a major effort in reaching out to the unbanked and underserved individuals,” said BPI President and Chief Executive Officer Cezar P. Consing.
“The country’s prosperity will only be meaningful if a wider swath of the population is touched by development and progress. BanKo is precisely positioned to do just that.”
BanKo clients are guided by financial advisors called BanKoPares and BanKoMares – loan officers who engage SEMEs and help them choose the best products and solutions to help scale up their businesses. These friendly and approachable bankers help clients manage their finances and give expert financial advice.
BanKo’s primary loan product, the NegosyoKo Loan, is an easy, convenient and affordable loan that SEMEs may use for additional capital or business expansion. A NegosyoKo loan may range from as low as Php 25,000 to Php 300,000.
Incoming Deputy Governor Chuchi G. Fonacier of the Bangko Sentral ng Pilipinas, who was the guest of honor at today’s event, shared that the BSP is setting its sights on innovations as the primary catalyst to reach greater scale.
“The BSP will continue to nurture an enabling regulatory environment that allows market-based solutions to thrive, and create space for innovations that allow both the financial institutions and financial consumers to seize the opportunities before them,” Fonacier said.
For more information, visit http://www.banko.com.ph or check out the nearest BanKo branch.
The 165-year-old Bank of the Philippine Islands is the first bank in the Philippines and Southeast Asia. We are a commercial bank with an expanded banking license. We provide diverse financial services that include deposit taking and cash management, asset management, securities brokerage, foreign exchange and capital markets investments, bancassurance, corporate lending, leasing, and investment banking. BPI has significant financial strength, with strong Tier 1 capital adequacy ratios and profitability, underpinned by a strong risk management regime. BPI is rated investment-grade by international credit ratings agencies.
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