BIZ BUZZ: 2025 teaser: Running Rectos

While he has no plans to throw his hat in the ring “at least” for the 2025 midterm elections now that he has joined the Marcos Cabinet, Finance Secretary Ralph Recto teased that some family members might do so.

Nothing is final at the moment but Recto recently told reporters that “both” of his sons could “possibly” run for public office at the local level. He also said his wife, former Batangas representative and award-winning actress Vilma Santos-Recto, might join their sons in the next polls.

READ: Recto gets CA nod, rules out running in 2025 midterm elections

The Rectos have a son, Ryan Christian, who is the stepbrother of Luis Manzano, Santos-Recto’s son with her ex-husband Edu Manzano.

“Lahat local,” said Recto, a veteran lawmaker who took the finance portfolio in January, thus ruling out a senatorial run even by the missus.

If he did not take the finance portfolio, it was widely believed that Recto would have run for Batangas governor next year. But now that he’s busy managing the fiscal affairs of the state, there are more than enough Rectos who can take his place. —Ian Nicolas P. Cigaral

UnionBank: ‘Best Retail Bank’

It looks like the takeover of Citibank Philippine consumer and retail banking business by UnionBank of the Philippines is paying off.

For the fifth consecutive year, the Aboitiz-led bank clinched the “Best Retail Bank in the Philippines” award given by The Asian Banker.

The “notable growth in its retail customer base” suggests it’s the top choice for consumer services.“[UnionBank] reported a 43-percent year-on-year revenue growth rate, with its customer base expanding nearly 14 million following a significant acquisition [of Citi assets],” The Asian Banker said.

READ: UnionBank bets on consumer loan growth amid rate hikes

According to Singapore-based The Asian Banker, UnionBank scored 101.44 in the latest BankQuality survey for its “efficient online transactions and user-friendly services.”

“It always brings us immense pride when our efforts are recognized like this, and it also motivates us to go even further as we move toward becoming a greater retail bank that not only the customers love, but also one that Filipinos can be proud of,” said Manoj Varma, UnionBank head of consumer banking.In 2022, UnionBank completed its P72-billion acquisition of Citi’s Philippine assets in a bid to become more competitive in retail banking.

It has since been gradually dropping Citi-branded cards to integrate the UnionBank branding. The banking giant aims to complete the migration this month. —MEG J. ADONIS