Jose Teodoro “TG” Limcaoco, president and CEO at Ayala-led Bank of the Philippine Islands (BPI), said easing inflation would lead to a recovery in consumer confidence and boost gross domestic product (GDP) growth this year.
Limcaoco described 2023 as resilient, noting that the banking industry’s non-performing loan (NPL) ratio remained under control, loan growth was decent, and deposit growth was in line with money supply growth.
“For BPI, we are proud of the fact that we gained market share in loans, deposits, credit cards. We grew our customer base to 11 million, and we made great strides in our digitalization,” Limcaoco said.
“Going forward, high interest rates will continue to keep loan demand muted in the early part of the year, but as people get used to the high rates and as the BSP begins to signal that inflation is under control and that rates potentially might come down, then you will see loan growth come back,” he said.
Limcaoco, who is also president of the Bankers Association of the Philippines (BAP), added that the banking industry remains comfortably positioned to continue helping the economy grow.
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