BAP to continue pursuing the Philippine banking roadmap

March 20, 2018

The Bankers Association of the Philippines (BAP) reiterated its commitment in pursuing the Philippine banking roadmap during its annual membership meeting last March 19 where it elected new officers and directors for the term 2018-2019.

Launched in 2016, the BAP introduced the Philippine Banking Roadmap, with the support of the Bangko Sentral ng Pilipinas (BSP), in providing a more convenient and faster way of delivering banking services to its clients.

The bankers group re-elected its current president Nestor V. Tan, for another term. Mr. Tan is also the President and Chief Executive Officer (CEO) of BDO Unibank Inc. This will be his third term as head of BAP since his election in 2016.

“We have finished the term strong through our collective efforts and partnerships, and we will continue to perform our best in pursuing the roadmap,” said BAP president Nestor V. Tan.

During his time, the association actively pursued its roadmap and was able to develop a prototype for a digital banking ID registry that will allow data storage and exchange among member banks. It also espoused the Government Securities Roadmap for a more cost-efficient trading of fixed income instruments and sustained regular dialogues with regulators for the liberalization of the foreign exchange market.  The association also launched its website last year as a way to reach out to the general public, sharing its activities and contributions to the economy.

Member banks also elected new officers to the association: Cezar P. Consing, Bank of the Philippine Island’s President and CEO and Antonio C. Moncupa, Jr., East West Banking Corporation’s Vice Chairman and CEO as First Vice Presidents; Enrico S. Cruz, Deutsche Bank AG’s Managing Director, Global Markets and Chief Country Officer as Secretary; and Jose Arnulfo A. Veloso, The Hongkong and Shanghai Banking Corporation, Ltd.’s President and CEO as Treasurer.

Also part of the newly elected Board of Directors are respective bank representatives from Bank of Commerce, China Banking Corporation, Citibank, N.A, Development Bank of the Philippines, ING Bank, N.V., Mizuho Bank Limited, Philippine National Bank, Rizal Commercial Banking Corporation, Robinsons Bank Corporation, The HongKong and Shanghai Banking Corporation and Union Bank of the Philippines.

The newly elected and re-elected BAP officers and directors expressed their gratitude to the member banks for their unrelenting support and active participation in the projects and initiatives of the association. With the ASEAN integration gearing up, Tan vowed to continue working on the roadmap towards a more competitive Philippine banking industry.

“Going forward, we will rationalize and upgrade BAP utilities and operations, purse industry positions for the welfare of the Philippine banking industry and its stakeholders and continue building enablers to push the BAP vision,” Tan said.

Established in 1949, the BAP is the lead organization of universal and commercial banks consisting of forty-one member banks; twenty-one of which are local banks while twenty are foreign bank branches. The association continues to ensure public trust and lobby for policies that will improve and protect the welfare of the entire Philippine banking industry and its stakeholders.