Annual bankers’ night

MANILA, Philippines — Optimism seemed to be the theme of the recent annual bankers’ night held Friday last week, as Bangko Sentral ng Pilipinas Governor Felipe Medalla assured the banking community that the Philippine banking system is “strong, stable, resilient and responsive to the evolving needs of the growing economy.”

Lingering fears about COVID-19 were clearly no longer a top concern for bankers as masks were all off, and wide smiles were shared all around, finally welcoming the chance to interact freely after three years of the pandemic. Just the previous year, the reception was a quick in and out affair as most were not quite sure yet that the pandemic was truly over.

Happily sharing the presidential table with Governor Medalla and Finance Secretary Benjamin Diokno was RCBC’s Helen Dee with past BSP governors Amando Tetangco and Jose Cuisia, along with Ayala Group chairman Jaime Zobel de Ayala, Metrobank’s Arthur Ty, Lance Gokongwei of the Gokongwei Group and former finance secretary and current PSE chairman Jose “Titoy” Pardo.

Bank of the Philippine Islands president TG Limcauco was also in attendance, sporting a very light tan after spending a four-day vacation in a Sicogon Island resort upon the invitation of Ayala Land CFO Augusto “Toti “ Bengzon for his 60th birthday. BDO’s Nestor Tan represented the Sy family as Tessie Sy-Coson was unable to attend the reception.

Philippine National Bank chairman Federico Pascual and president Florido “Doy” Casuela also graced the occasion. Pascual is set to retire and is planning to go into the joint development of his family’s real estate holdings in Bataan with the Sta Lucia Group.

PNB president Doy Casuela is hoping to also finally retire by this month once the PNB Board decides on who will take over the Lucio Tan-owned bank.

Trade and Industry Secretary Alfredo Pascual, Energy Secretary Raphael Lotilla, Senators Mark Villar and Grace Poe showed their strong support for the BSP, helping assure a better economic future for the country despite lingering risks from the continued Russia-Ukraine war and a continuing higher interest rate scenario that could dampen demand.

Arthur Ty, flush with success after Metrobank posted a 47.9 percent increase in earnings last year to P32.77 billion, is optimistic that the bank will perform even better this year, as businesses reopen.

The slew of earnings reports from the banking community saw most of the banks reporting higher profits -- BDO posted a 33 percent jump to a record P57.2 billion, while RCBC also saw a 71 percent surge to P12.1 billion.

However, while the bankers were all basking from their higher bottom line glow, there was quiet talk about continuity in the BSP as Governor Medalla’s term is set to end in June unless he is reappointed to a fresh six-year term.

Medalla is only serving the unexpired term of the late BSP governor Nestor Espenilla, who was subsequently succeeded by former BSP governor Diokno, who was then appointed for the finance post when President Marcos was elected last year.

Speculation is rife once again as to whether Medallla will get a new mandate or a new BSP head will be appointed.