Equitable reduces BSP loan by another P3 Billion

Equitable PCI Bank announced yesterday that it recently prepaid another P3 billion to the Bangko Sentral ng Pilipinas (BSP), significantly bringing down its borrowings from the central bank to only P9 billion.

BSP Deputy Governor Alberto V. Reyes confirmed that payment had been made, saying that there is a very substantial reduction from the original amount of P30 billion that the BSP provided to Equitable PCI Bank in the first quarter of 2001.

With this prepayment, Reyes expressed the hope that the remaining balance of the loan will be paid before the end of the year. He added that it is a very positive development for depositors and clients of the bank.

Equitable PCI Bank’s aggressive deposit recovery program has enabled it to make prepayments of P21 billion, or 70 percent of its BSP liquidity facility. "We have been able to make prepayments because of the resurgence in deposit growth which continues to increase to this day," Equitable PCI Bank president and CEO Deogracias N. Vistan stated.

"Largely due to the performance of the branches and the rest of the officers and staff, we are very pleased that Equitable PCI Bank has successfully regained the confidence of its old customers and earned the patronage of new clients," he said.

Its successful deposit recovery efforts have also enabled Equitable PCI Bank to focus on further enhancing existing products as well as developing innovative offerings for its expanding client base.

The bank recently launched FASTNet, its latest electronic banking offering, that gives clients the power to bank every time and everywhere by simply logging on to www.fastnet.com.ph. Its housing and car loan facilities – Own-A-Home and Own-A-Car – were recently relaunched with lower interest rates, faster processing times, and more client friendly features.