BDO Network Bank eyes underserved markets

BDO Network Bank (BDONB), which was acquired by the Sy family in 2015, is hoping to tap more of the underserved market where BDO does not have branches and where BDONB can better serve the community.

- MARIANNE GO

This strategy has allowed the rural banking arm of the Sy family to put up additional branches, which has now expanded to over 550 locations throughout the country.

During the SM Group's Christmas party Wednesday evening held at its Ortigas-Podium head office, which was hosted by no less than SM Investment Corp.'s vice chairwoman Tessie Sy-Coson and BDO president Nestor Tan, I got the chance to sit down and chat with BDONB vice chairman and president Jesus Antonio Itchon to learn more about BDONB's goal to reach out and serve more of the underserved communities all over the country.

One area that BDONB is eyeing, Itchon revealed, are the country's tourist destinations, "many of those destinations are underserved, but have been very profitable for us. The profits are what we reinvest for expansion."

He cited as an example the current hotspot Siargao, Moalboal in Cebu and other dive spots. In Siargao, where they have 50 automated teller machines, a recent mishap with its submarine cable and electricity problems, has left the area with only two operational ATMs, "which is paralyzing for us."

With the influx of tourists in new tourist spots in the country, Itchon stressed the need for banking facilities to provide financial services for both the tourists in terms of accessing their funds through their digital wallets or physical transactions. The same goes for local businesses, resorts and restaurant owners, transport providers and retail establishments.