MANILA, Philippines - Chinatrust Philippines, a subsidiary of the largest and most awarded private commercial bank in Taiwan, recently hosted an appreciation dinner for its clients and guests in celebration of its 15th anniversary. Among the more than 400 guests who greeted the Chinatrust on its crystal anniversary were former President Fidel V. Ramos, Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. and Finance Secretary Cesar Purisima.
Held at the NBC Tent, Bonifacio Global City in Taguig, the event was also graced by Taipei Economic and Cultural Office representative Donald Dee, Manila Economic and Cultural Office representative Antonio Basilio, Communications Group Cabinet Secretary Sonny Coloma, former Central Bank Governor Gabriel Singson and former Senator Ramon Magsaysay Jr. The program started with opening remarks from Chinatrust Philippines chairman William Hon.
Chinatrust Commercial Bank CEO for Institutional Banking Group James Chen shared a video clip message of Dr. Jeffrey Koo, founder of Chinatrust Group and concurrent chairman of Chinatrust Commercial Bank and Chinatrust Financial Holding Co., Ltd. As a special envoy of Dr. Koo, James Chen took the lead in echoing Dr. Koo’s ceremonial toast.
Guests feasted on marinated salmon roulade, a trio of mushroom consomme’, baked sole filet bonne femme and US top blade steak, as well as chocolate roulade for dessert while being entertained by song numbers from The Company, pop star Bituin Escalante and a high-energy performance from Whiplash.
In his taped message, Dr. Koo pledged Chinatrust’s continued support for the Philippines, noting that his decision to open an affiliate bank here 15 years ago was a good business decision and a source of personal pride.
“I have always been impressed by the beauty of the Philippines and the dynamism and resiliency of the Filipino people. Today, the Philippines stands at the threshold of new beginnings. Your country has a new president who brings with him a message of hope and vision of a prosperous tomorrow,” Koo said.
This vision, he added, is shared by Chinatrust Philippines, which now has the second-biggest network among 17 foreign banks in the Philippines with its brand new office and 24 branches. “We stand ready to be your country’s partner in this undertaking,” Koo said, adding that the Bank would continue to be the government’s partner in enhancing business productivity and in boosting the economy.
Central Bank Governor Amando Tetangco Jr. cited the bank for its strong financial position, having achieved a capital adequacy ratio of 23.8 percent — the highest, Tetangco said, among the three foreign banking units in the country. The BSP chief also thanked Chinatrust for boosting local capital markets, its practice of good governance and for supporting micro, small and medium enterprises. “This makes you a partner of the BSP in enhancing access to sustainable financial services and in promoting the MSME sector as a vehicle for broad-based economic growth,” Tetangco said.
Mark Chen, Chinatrust Philippines president and CEO, said increased competition amid a volatile environment requires the bank to continue its pursuit of excellence. “We are prepared to continue working harder and smarter to help you seize opportunities presented by both the local and global markets,” he said.
Chinatrust Philippines is the local unit of Chinatrust Commercial Bank, one of the 200 biggest banks in the world in terms of capital. The parent bank had assets of more than $53 billion at the end of last year, and enjoys a credit rating unmatched by any local bank — A2 from Moody’s, A-minus from Standard and Poor’s and A from Fitch Ratings. The Philippine subsidiary, whose net profits increased by 173 percent to P234 million as of end-May, was set up in 1995 and is listed on the Philippine Stock Exchange.