BSP deputy governor Nestor A. Espenilla admitted that the objective is to have a more stable, efficient, and customer friendly banking system.
And among the major reform programs is the enactment of the Credit Information System Act.
"This will pave the way for the establishment of a truly comprehensive credit information system that is expected to lower the cost of credit, provide greater access to credit in general, and reduce the dependency on collateral-based lending," Espenilla said.
The regulator also forecasts an accelerated consolidation process in the banking industry in the next three years.
He said that the BSP will work for "a banking landscape dominated by a relative handful of main banks complemented by a plethora of smaller banks that serve various well-defined market niches."
This consolidation will be brought about by a stronger regulatory framework, the increasingly stronger competition by existing foreign banks, new foreign investors coming into existing banks, and the rigorous technical demands posed by modern banking and finance standards.
The BSP also plans to further liberalize the banking industry.
"Recently, the Monetary Board lifted the moratorium on bank branching," Espenilla said, during Metrobank’s National Branch Manager’s Convention. "And we have allowed an increasingly wide array of treasury, consumer and wealth management products."
For their part, Metrobank vice chairman Arthur V. Ty said initiatives to upgrade service quality, customer analytics, and product and service marketing have already been put in place by the bank.
"Through targeted customer growth, stronger people development, better risk management, and a firm focus on building long-term value, all tied together by effective teamwork, we have covered the framework around which we shall build our reputation as the industry’s best," Ty said.
Metrobank is the Philippines’ largest bank with consolidated assets of P586.5 billion end 2005. It has an extensive local distribution of more than 560 branches, as well as a global presence with 12 international branches and representative offices in six countries.