BPI is ‘most financially sound in RP’ — HK mag

Once again, the Bank of the Philippine Islands (BPI) has been adjudged "most financially sound" among corporations operating in the country.

For the eighth consecutive year now, Far Eastern Economic Review (FEER) has ranked BPI fifth in overall standing but first in financial soundness, a category that counts most in the banking industry.

In its December 2002 issue, FEER also deems the bank, a financial institution under the Ayala Group, fourth in long-term vision.

Two other companies belonging to the Ayala Group make it to the list of the top 10: Ayala Corp., which has emerged second, and Globe Telecom, which has run away with the fourth slot.

A financial magazine based in Hong Kong, FEER conducts a survey of top corporations in all Asian countries including the Philippines. It then publishes the results at the end of the year.

FEER seeks the opinions of business executives, investment experts, government policy makers, and financial analysts. Its purpose is to rank corporations in the following categories: quality of services or products, innovativeness in responding to customer needs, long-term vision, financial soundness, and companies others try to emulate.

The corporations and the categories under which they emerge as leaders are as follows: San Miguel Corp., High Quality Services/Products; Jollibee Foods, Innovativeness in Responding to Customer Needs; Ayala Corp., Long-Term Vision; Bank of the Philippine Islands, Financial Soundness; and Jollibee Foods, Companies that Others Try to Emulate.

In descending order, the overall ranking of the 10 best corporations is as follows: Jollibee Foods, Ayala Corp., San Miguel, Globe Telecom, BPI, Mercury Drug, SM Prime Holdings, Metropolitan Bank and Trust Co., Smart Communications, and GMA Network.