BPI Named Best Trade Finance Bank and Leading Counterparty Bank in the Philippines

Bank of the Philippine Islands (BPI) once again proves it is at par with the world’s leading transaction banking institutions with its win as Best Trade Finance Bank and Leading Counterparty Bank in the Philippines for 2014 at the recent Asian Banker Summit, the region’s largest annual meeting of global thought leaders and banking practitioners.

BPI President and CEO Cezar P. Consing says that this latest accolade shows the level of confidence and trust clients have placed on the bank. “BPI’s customers are loyal because they consistently benefit from the bank’s innovative efforts. We bear their financial goals in mind when we design our solutions,” he says.

The Transaction Banking Awards, which recognizes achievements made in the areas of cash management, payments, and trade finance, underscores BPI’s constant innovation over the years. Consing points out, “the bank’s ability to match technology at a global level and its commitment to regularly launch new products and enhancements allow BPI to keep pace with changing business needs.”

Recently, the bank introduced enhancements to its services, including a new feature in its Pag-IBIG that allows acceptance of calamity loan payments, a timely improvement given increasing incidence of natural calamities. The bank also recently re-launched its payroll facility to better serve the needs of the BPO industry.

BPI also launched a first in the Philippine banking industry warmly embraced by its clients—RMB-denominated letters of credit. This facilitates the importation of goods and services from the Peoples’ Republic of China, one of the country’s major trading partners. To date, BPI has facilitated transactions covering appliances, apparel, lumber and coconut oil with a value equivalent to US$ 5 million.

“BPI is not just a service provider for trade, but a partner bank that will help clients grow their business through the use of the right financing solutions,” says BPI head for Transaction Banking Ana Maria C. Sison.

Recently, BPI was named Best Retail Bank in the Philippines for 2014, by Singapore-based The Asian Banker; the accolade is the 11th Best Retail Bank award given to BPI since the awards establishment in 2011.