Moncupa named new BAP chief as banks deal with new threats
Antonio “Tony” C. Moncupa Jr. —contributed photo
EastWest Banking Corp. president and CEO Antonio “Tony” C. Moncupa Jr. is taking over as head of the Bankers Association of the Philippines (BAP) amid emerging challenges in the postpandemic period.
The country’s premier banking organization elected new leaders during its March 21 annual meeting, culminating in the handover ceremonies with outgoing BAP president and CEO Jose Arnulfo A. Veloso of Philippine National Bank.
Dramatic changes in the global economy and the looming presidential elections were not lost on Moncupa during his acceptance speech.
“With the COVID-19 pandemic, geopolitical tensions, US rate hikes and tapering, global inflation and a new Philippine president, we have some very interesting days ahead,” Moncupa said.
He also pledged to continue working closely with regulatory agencies such as the Bangko Sentral ng Pilipinas and Securities and Exchange Commission as well as lawmakers.
Necessary preconditions
“Through the years, our agenda in the BAP is to seek better banking efficiency, through modernization that we now call digitalization, better fixed income, foreign exchange and derivatives markets and safe and trustworthy banking,” Moncupa said.
“These are necessary preconditions that improve commerce, create jobs, and increase economic output,” he added.
Veloso, who steered the BAP through the second year of the pandemic, underscored the sector’s resilience despite the global health crisis.
“The banking industry performed even better than expected coming out from the COVID-19 pandemic,” Veloso said.
“Total assets of banks stood at P20.8 trillion for 2021, and banks recorded a net profit of P224 billion. There is more than enough liquidity to support the borrowing needs of the country and its people as we gear up towards a full economic recovery,” he added.
