Philippines

The 28th annual Asiamoney Brokers Poll invited chief investment officers, fund managers and investment analysts to take part. Nearly 6,700 valid responses were received from voters representing fund management houses, insurance companies, pension funds, sovereign wealth funds, hedge funds and wealth managers from around the world.

Nestor Espenilla was a surprise choice as governor of the Philippines central bank – but probably the right one. Tough on financial rule breakers and devoted to financial inclusion, he gives the impression of being good in a crisis.

The world sees Rodrigo Duterte as a hothead populist, waging a bloody drugs war against insurgents, but to most of his compatriots, he’s the reformer the country needs. His aims, including shaking up taxes to pay for infrastructure and targeting an energy revolution, are bold. His choices for the crucial finance ministry and central bank roles look sound. But will they succeed?

Since dealing with the aftermath of Typhoon Haiyan as the Philippines’ finance minister, Cesar Purisima has become one of the most eloquent spokesmen for how finance can help nations vulnerable to climate change.

Much of the private banking that happens in relation to the Philippines happens far from its shores. Of course, a host of local lenders tout their private banking credentials and many do indeed offer excellent services targeted at wealthier customers. The list starts with the likes of BDO Unibank and Bank of the Philippine Islands, but also includes myriad mid-sized lenders offering quality services to higher net-worth and mass-affluent customers. Both BDO Private Bank and BPI Private Banking have won awards in this category down the years – and rightly so.

Most banks take their digital divisions seriously these days, touting their prowess and all-purpose online service. But it’s rare to find a lender that saw the potential in the digital world early – and got it right. Most countries boast at least one standout lender in this category; when it comes to the Philippines, that lender is Union Bank.

The Philippines does not lack for lenders that can see both the country’s potential and its widespread poverty. Giving something back has long been on the agenda of financial institutions, large and small. But few lenders can compete with BDO Unibank, whose corporate and social responsibility arm, BDO Foundation, has become a surprising first line of help for families that have lost everything, usually due to natural or man-made disasters such as hurricanes and monsoons.

Security Bank is a well-oiled universal bank with a solid nationwide presence – 264 branches and 560 ATMs at the end of 2016 – and a thriving thrift bank, Security Bank Savings. The lender, which in 2016 sold a 20% stake to Bank of Tokyo-Mitsubishi for $774 million, reported a 28% rise in net interest income in 2016, with total deposits up 20%. Its non-performing loan ratio fell to just 0.17% at the end of last year, an all-time low.