Bank of the Philippine Islands unveiled an aggressive expansion plan for its micro finance bank, which was launched yesterday.
The Ayala Corp.-controlled lender launched BPI Direct BanKo Inc. (BanKo), which already has 24 branches in key areas including Bicol, Negros Oriental, Davao, and Central Luzon.
By the end of 2017, the objective was to have 100 branches or offices around the country, BanKo chair Natividad Alejo said during the bank’s launching yesterday.
According to BPI, BanKo will serve self-employed micro entrepreneurs (SEMEs) running their small businesses.
Its main loan product is the NegosyoKo Loan, which would range from P25,000 to P300,000.
BanKo’s services also include “expert financial advice and solutions that promote the growth and expansion of the SEMEs’ enterprises.”
“Many of these SEMEs are forced to go through informal channels,” says Alejo. “With BanKo, we can provide a more formal lending platform, offering our SEMEs with easy, accessible, and affordable loans. We believe that we are able to help create a more positive impact on their quality of life, and ultimately, contribute to the country’s economic growth.”
BanKo is the result of the merger of two specialized thrift bank units of BPI: BPI Direct Savings Bank Inc. and BPI Globe BanKO.
BanKo recently opened 15 new branches in key areas around the country, including Bicol, Negros Oriental, Davao, and Central Luzon, bringing the total number of branches nationwide to 24. By October 2017, it would have 90 branches nationwide.
“BanKo is a major effort in reaching out to the unbanked and underserved individuals,” BPI president and CEO Cezar P. Consing said in a statement.
BPI said clients would be guided by financial advisers called BanKoPares and BanKoMares. These loan officers who engage SEMEs and help them choose the best products and solutions to help scale up their businesses.