CEBU, Philippines - The Metropolitan Bank and & Trust Company (Metrobank) has expressed optimism in the Visayas operations, despite the projected reduction of income generation in the market.
Bernie H. Tocmo, Metrobank's first vice president and head for Visayas Region said that despite threats brought about by the global recession, the banking business in the Visayas is still seen to post dynamic returns, while the bank is pushing on aggressive networking penetration.
Last month, Metrobank opened its 34th branch in Cebu, located at the newest shopping and leisure destination in Cebu—Park Mall, another three new branches will be opened by the bank this year, in Fuente Osmeña, Toledo City, and Cebu North Reclamation area.
Tocmo believes that expanding the distribution network and accessibility will help the bank post growth in the volatile market landscape, "we bring our services closer to the clients."
In the Visayas region, Metrobank will open branches in other provinces, like in Sogod Southern Leyte, Naval in Leyte, Bacolod and Iloilo. To date, there are a total of 74 Metrobank branches in the entire Visayas region.
In 2008, Cebu operation alone posted a growth of 12 percent in deposits, compared to seven percent it grew in the previous year.
“Last year was a great year for us, especially in Cebu. Cebuanos are very resilient, they are used in hardships which make them immune to any crisis," Tocmo said.
Because of this optimism that the banking business in Cebu, or in the Visayas will post dynamic results amid the crisis, Tocmo said the regional team is targeting to hit at 12 percent growth and will work hard to overshoot this goal to achieve 25 percent growth by year end.
Tocmo attributed this positive outlook especially in Cebu operation, on the province strong economic prowess that will be protected by strong industries like tourism, Business Process Outsourcing (BPO), and the huge number Cebuano Overseas Filipino Workers (OFWs) who still maintains jobs abroad, because most of them are professionals that works in stable industries like education, medical institutions, among others.
Take up for consumer loans of the banks is seen to maintain its strong momentum. In fact, Tocmo said Metrobank is going to beef-up its consumer loan products to further stimulate the market.
"We would like to maximize our distribution network to boost consumer loan take up," he said adding that aside from auto, residential loans, Metrobank will re-energize the offering of its credit card product.— Ehda M. Dagooc