Bankers project 6 to 7 percent growth in next 2 years


By Rose de la Cruz


Despite global uncertainties, the local banking industry projects gross domestic product to grow between 6 and 7 percent in the next two years, according to the recently-released Banking Sector Outlook Survey (BSOS) conducted by the Bangko Sentral ng Pilipinas.

Similarly, the respondents are optimistic about achieving double digit growths in assets, loans, deposits and net income for the Philippine banking system. The bullish outlook on the banking system indicates that banks will continue to provide an environment conducive to the sustained domestic economic growth.

The new BSOS section on Fintech/Cybersecurity Plans underscored the banking industry’s aptitude on the use of technology-enabled solutions and strong interest in participating in the digital finance ecosystem. This is expected to add further impetus to the growth and operational efficiency of banks.


The report noted that most of the banks planning or already employing technology in their operations find its most important application in areas of data security and privacy, know your customer (KYC) procedures and loan scoring.  Moreover, most of the respondent banks revealed preparedness in managing cybersecurity risks.

Institutional risk considered as the top concern to the banks’ operation include cybersecurity threat, regulatory/compliance risk, credit risk, and market competition. Respondent banks considered enhancing their risk management systems to strengthen the banks against potential shocks and external vulnerabilities.


Likewise, they planned to strengthen client relationships and upgrade personnel capabilities. Banks also recognize the need to keep a high level of risk-based capital and liquidity; and to strengthen organizational conduct and risk culture in order to thrive amid the volatility and complexity of the operating environment.

The BSOS provides insights of bank management on the strategic direction of the industry and emerging risks and trends. This is part of BSP’s surveillance tools in promoting the resilience of the banking system.


Like us in Facebook


Latest News

NEDA Cites Need for a Stronger Planning Culture in Government

    To ensure optimum use of scarce human and financial resources, the government must have a stronger culture of planning to fully synchronize... Read More...
NEDA Calls for Innovation-led Industrial Policy

  An industrial policy propelled by innovation is needed to drive the country’s manufacturing growth amid the bleak near-term outlook of the... Read More...
Bong still unsure of Senate run

Should he stay or should he go?  This is the question that Special Assistant to the President Christopher “Bong” Go is trying to answer and... Read More...
IMAGE In the know: Solar Philippines

Solar Philippines is currently the country’s – and Southeast Asia’s – largest solar-energy company. Founded in August 2013 by Leandro... Read More...
Stupid Name Giver and Other Laughs

Stupid Name Giver Late one night, a burglar broke into a house. While he was sneaking around he heard a voice say, "Jesús is watching you."  He... Read More...
Confession Code and other laughs

Confession Code AN old priest who became sick of all the people in his parish who kept confessing to adultery said one Sunday, in the pulpit,"If I... Read More...

Photo courtesy of Top Gear Philippines Officials of motorcycle-sharing service company Angkas must be grinning all the way to the bank. After a... Read More...

MABUTI naman at tuluyan ng nagpasiya ang pamahalaan na sampahan ng karampatang kaso ang mga sangkot sa kontrobersyal na Dengvaxia anti-dengue... Read More...

Our Guests

This week5900
This month15610

Visitor Info

  • Your IP:

Who Is Online


Friday, 17 January 2020
© 2016 OpinYon News Magazine Online. All Rights Reserved.

Please publish modules in offcanvas position.