BPI: PEZA locators need digital tools to survive

MANILA, Philippines — Ayala-led Bank of the Philippine Islands (BPI) said locators in the country’s economic zones are looking for more processes and transactions to digitalize and cope with the severe effects of the global coronavirus pandemic.

John Syquia, head of corporate banking at BPI, said digitalization would give Philippine Economic Zone Authority (PEZA) locators and companies the competitive advantage to survive the effects of the COVID-19 crisis.

Syquia said this would provide companies an opportunity to thrive and capture the opportunities that the new business environment offers.

“While much of our country’s economic activity is centered in the capital, the lockdowns have brought the importance of businesses and manufacturing bases in our special economic zones in sharp focus,” Syquia said.

For BPI, digital banking is crucial to PEZA locators given the current travel restrictions and limited workforce for most locators, especially those with large operations. Since some of the locators are still operating during the pandemic, the main concern is how the usual transactions can be done at home.