Oldest Philippine Bank Seeks 50 Million Users in E-Wallet Race

BPI aims to make digital wallet more accessible to mass market
Sees 10%-12% loan expansion, sustained earnings growth trend

Jose Teodoro Limcaoco, president and chief executive officer at Bank of the Philippine Islands, the country’s second-largest private bank by assets, discusses the bank’s profitability, credit demand and his outlook on interest rates in the country. He speaks exclusively on Bloomberg Television.Source: Bloomberg

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By Ditas B Lopez

July 31, 2023 at 5:41 AM UTC

This article is for subscribers only.

Bank of the Philippine Islands, Southeast Asia’s oldest lender, is targeting to have 50 million customers on its digital platforms in the next three to five years to prop up earnings, according to its top official.

The push pits BPI against GCash of affiliate Globe Telecom Inc. in a nation where 44% of the adult population remains unbanked while competition from deposits to credit cards are feverish. GCash, the Philippines’ biggest digital wallet platform, has more than 60 million users.