BanKo Recognized as Country’s Microfinance Initiative of the Year

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 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 loans.

The Asian Banker, a leading provider of strategic intelligence on the financial services industry, acknowledged BanKo for developing a new credit-model that is more suitable for its target segment, given the difficulties of SEMEs in securing loans from regular 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 self-employed micro-entrepreneurs by providing access to banking services fit for their needs,” said Jerome Minglana, BanKo President.

The publication noted how BanKo NegosyoKo loan made the application process easier, and how the bank coupled this service with a personal and caring approach. BanKoMare and BanKoPare, BanKo’s financial advisers, belong to the communities they serve, and act as loan officers who help clients with their financial decisions as they expand their businesses.

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

To date, BanKo has opened 52 offices in key areas around the country, including Bicol, Negros Oriental, Davao, and Central Luzon. By the end of 2017, BanKo aims to have 108 branches and micro banking offices nationwide.

The Asian Banker’s Philippine Country Awards an impartial and rigorous program that runs over a three- to four-month period. The unfunded program involves a team of researchers who assesses banks and non-bank financial institutions in the Philippines as part of the International Awards Program which covers more than 160 institutions internationally.

A stringent evaluation process based on a balanced and transparent scorecard, as well as a Council of Advisors that provides independent validation, determine the winners of The Asian Banker awards programs, and how the various financial institutions in the region stack up against each other.