...........................................BDO and its remittance partner, fastfood giant Jollibee, have expanded their food remittance service throughout the country.
Jollibee Padalang Langhap Sarap, a remittance service pioneered by BDO and Jollibee in 2007, allows Filipinos overseas to order Jollibee meals abroad and have these delivered to their families in the Philippines.
Through this service, BDO and Jollibee help maintain strong ties between Overseas Filipinos and their families. "BDO shares this vision of preserving the spirit of family togetherness. Through the Jollibee Langhap Sarap Padala system, OFWs can now send their support in a non-monetary yet equally meaningful way," says Nestor V. Tan, BDO president. Land Bank of the Philippines recently cited BDO as the Best Countryside Loan Fund (CLF) Program Partner in two major categories in its Countryside Loan Fund awarding held last May 22 at the Diosdado Macapagal Hall, Land Bank of the Philippines in Malate, Manila.
BDO emerged the Best Countryside Loan Fund Program Partner under the Commercial Banks Category in recognition of the Bank's active use of the CLF programs in terms of number of projects financed, regional dispersal of these projects, their socio-economic contributions to the community and the economy, and compliance with program requirements.
The Bank was also named Best Countryside Loan Fund Program Partner under the Agri-Agra Loans Category for having the most number of agri-agra projects financed under the CLF programs. BDO Leasing and Finance maintained its leadership in the financing industry and posted continued growth in 2008 despite the global financial crisis.
This was reported by BDO Leasing and President Roberto Lapid at the stockholders’ meeting held last June 1. Total revenues in 2008 climbed 10.18% to P1.37 billion, with Operating Revenues growing 25.2% to P530.5 million. Net Income increased 7% to P366 million despite the advent of the global financial crisis.
BDO Leasing managed to grow despite the economic softening on account of its client’s increased dependence on the company. “The clients of BDO Leasing increasingly relied on us for business support,” noted Lapid. Apparently, he said, clients were encouraged by the fact “that we have the biggest capitalization of P4.5 billion.” Total Assets grew 10.14% in 2008 to P10.4 billion, the largest in the industry.
The impressive performance of its wholly-owned subsidiary, BDO Rental, Inc. (BDORI) contributed to BDO Leasing’s growth as well. BDORI contributed a Gross Income of P306.05 million, a 299% jump over the past year. Total Assets soared 422% to P1.75 billion over 2007 levels, while net income increased 148% to P73 million.
Further boosting BDO Leasing’s performance was the Securities and Exchange Commission’s approval to increase its STCP license to P4 billion, the highest approved ceiling for short-term commercial papers (STCP) in the financing industry. The SEC also gave a high rating of PRS2 for its STCP issuance, which Lapid said “reflected its confidence in the company’s above-average capability to pay both principal and interest.” He said the company was conferred this rating “in consideration of the quality of our loan/lease portfolio, the absolute size of our capital and the vigorous support of our parent, BDO.
Lapid attributed BDO Leasing’s growth to its beefed-up personnel complement in strategically located branches. He added that while BDO Leasing expanded operations, it did so prudently. “We managed risks by regularly reviewing our loan and lease portfolio mix to monitor exposure to various industries and made sure that credit approval limits and policies were complied with,” he added.
Moving forward, Lapid said competition in the financing industry will continue to be fierce, in the light of the global economic slowdown. Nevertheless, he expressed confidence that the company’s “strong product offerings, extensive network, solid financial backbone and the synergies and brand strength of BDO will keep us on the growth path in 2009.”
In closing, he assured shareholders that BDO Leasing will “meet all challenges this year with our abiding commitment to maximize shareholder returns and to maintain our dominant position in the Philippine Financing Industry, while ensuring good governance and transparency in all of our transactions.” GE Agrees to Transfer GE Money Bank to BDO and Acquire Strategic Stake in BDO [Manila, 28 May 2009] Banco De Oro Unibank, Inc. (PSE: BDO) and GE Capital, the financial services unit of the General Electric Company (NYSE: GE), announced the signing of a definitive agreement to transfer GE Money Bank (GEMB) in the Philippines into BDO. As part of the agreement, GE will also make a strategic investment in BDO by acquiring a stake of approximately 1.5% with an option to further increase its holdings up to 10%. Both transactions are subject to closing conditions, including regulatory approvals, and are expected to be completed within the third quarter of 2009. Teresita T. Sy-Coson, Chairperson of BDO, said, “We welcome the opportunity to be partners with an institution like General Electric. With GE’s expertise in the financial sector, we hope this partnership will ultimately provide our customers with better consumer products and flexible financing solutions.” The consolidation of GEMB’s business into BDO, including its 30,000 customers, 350 employees and network of 31 branch licenses and 38 ATMs nationwide, will enable BDO to accelerate the growth of its consumer banking business. In addition, GE will bring considerable value in the form of marketing, risk management and operational expertise.#“We are very pleased to be working with GE and look forward to exploring opportunities for future collaboration,” noted BDO’s President, Nestor V. Tan. According to Mark Arnold, CEO of GE Capital Global Banking in Southeast Asia, “BDO’s superior market presence and clear strategy for growth will provide the business with the best opportunities for success. In addition, key customers and depositors will benefit from the best that both Banks have to offer, with greater convenience and a wider range of products and services than ever before.” BDO, with total assets of P801 billion as of the first quarter of 2009, has experienced significant growth over the past five years, primarily through a succession of mergers and acquisitions as well as organic growth. With a network of over 700 branch licenses and more than 1,200 ATMs, BDO has one of the largest distribution networks in the Philippines. In addition, BDO has an offshore branch located in Hong Kong and an overseas network of 21 remittance offices. |
