BPI Globe BankO, a mobile microfinance bank with one branch, recently announced plans to apply for five regional branches with the Bangko Sentral ng Pilipinas, the nation’s central banking authority.
According to BPI Globe BanKO President Teresita B. Tan, the primary focus of BPI Globe BankO will be wholesale lending to microfinance institutions (MFIs). In addition to the provision of wholesale microfinance loans to MFIs, BPI Globe BankO will extend capacity-building programs to MFIs by conducting courses in portfolio management and product development. Ms. Tan stated that BPI intends to lend up to PHP 1 billion (USD 21.4 million) on a wholesale basis in this year alone. In conjunction with Globe Telecom, BPI Globe BankO will use Globe’s electronic funds transfer platform called “GCash” to transfer funds electronically between MFIs and individual borrowers. Launched in 2004, GCash is a cashless and cardless method of facilitating remittances, loan settlement, disbursement of salaries and payment of bills with just a text message. BPI Globe BankO began a pilot program to introduce deposit-taking, microloan and microinsurance services to retail customers. The pilot, which was launched in December 2009, is due to end in May of this year. In the future, BPI Globe BankO intends to provide microfinance loans to retail customers.
About BPI Globe BankO:
BPI Globe BanKO is a shared venture between the Bank of the Philippine Islands, Ayala Corp. and Globe Telecom, Inc. with an office in Greenhills, San Juan district of Manila, Philippines. BPI Globe BankO has authorized capital of PHP 500 million (USD 10.7 million) of which P350 million (USD 7.4 million) is paid up. BPI Globe BankO website: unavailable.
About Bangko Sentral ng Pilipinas (BSP):
Established in July 1993, Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. BSP has eighteen branch offices and three regional offices that conduct cash operations and cash administration. BSP participates in advocacy programs concerning microfinance, financial education and consumer protection. BSP website: http://www.bsp.gov.ph
 Original article: http://www.bworldonline.com/main/content.php?id=5235
 Related article: http://www.mb.com.ph/articles/240527/bpi-globe-banko-sets-p1-b-microfinance
 Bank of Philippine Islands website: http://www.bpi.com.ph/