Latest news with #BDOUnibankInc
GMA Network
6 days ago
- Business
- GMA Network
BDO chief Nestor Tan is first Filipino president of IMC
BDO Unibank Inc. president and CEO Nestor Tan has been elected as president of the International Monetary Conference (IMC) for the 2025–2026 term. In a news release on Tuesday, BDO said Tan's election as the first Filipino president of the IMC was held during the organization's annual gathering held in Brussels, Belgium. The IMC is an exclusive, non-profit organization composed of chairpersons and chief executive officers from 58 of the world's largest financial institutions across 31 countries. The list of past presidents include Johan Thijis, CEO, KBC Group, Brussels, Belgium (2024-2025); Carlos Torres Vila, Chair, BBVA, Spain (2023-2024); and John Dugan, Chair, Citigroup, Inc., USA (2022-2023). Since its founding in 1954, the IMC has played a key role in shaping international banking practices and policies, according to BDO. The IMC provides a private forum for dialogue among leading commercial banks, central bank governors, senior government officials, and top executives from global financial organizations such as the International Monetary Fund and the World Bank, the Sy-led bank said. 'Mr. Tan is the first Filipino to be elected as president of the IMC, and his election reflects his extensive expertise in banking and finance and affirms his leadership standing in the global banking community,' BDO said. 'It is also a recognition of BDO's consistent performance and growing influence in the regional and global financial sectors,' the bank added. The Sy-led lender said Tan's appointment as chief of the IMC 'marks a milestone not only for BDO but also for the Philippine banking industry, which continues to gain recognition in the global financial community.' —VAL, GMA Integrated News
Bloomberg
25-04-2025
- Business
- Bloomberg
Top Philippine Bank CEO Says ‘Expect The Worst' Amid Tariff War
The Philippines' top lender has boosted provisions for bad loans as it warned fellow lenders to 'expect the worst' amid the uncertainty posed by US tariffs, according to its chief executive. BDO Unibank Inc. President and Chief Executive Officer Nestor Tan said Black Swan events — or unexpected situations usually with extreme consequences — are 'becoming more frequent,' citing the Asian financial crisis in late 1990s, the 2008 global financial crisis and the pandemic in 2020.
Mint
23-04-2025
- Business
- Mint
Philippine Banks Mull ‘Defense Bonds' to Fund Military Upgrades
(Bloomberg) -- Philippine lenders are prepared to bankroll the Southeast Asian nation's military modernization bid including the purchase of missile systems, fighter jets and submarines, executives said, as Manila bolsters its defense posture amid maritime clashes with China. Defense Secretary Gilberto Teodoro Jr. has said he wants to tap the capital markets to acquire assets for the military given the government's limited budget. While the Philippines expects a sustained $500 million in annual defense funding from Washington through 2029 to boost its military capabilities, the longtime US ally wants to widen its funding sources. One way to do that is for a state agency, like the defense department, to issue a bond backed by the national government, said Eduardo Francisco, head of the investment banking unit of top lender BDO Unibank Inc. 'It will be a very bankable transaction if it is guaranteed by the Republic of the Philippines. If they come up with defense bonds, people will buy.' A bond deal of between 200 billion and 300 billion pesos ($3.5 billion to $5.3 billion) a year for the military's upgrade is doable, Francisco said. The Philippines plans to spend up to 2 trillion pesos over the next decade to modernize the country's arsenal, as the military shifts its focus to territorial defense. Manila has announced plans to purchase its own medium-range capability missile systems and radars for deterrence as well as submarines, fighter jets and warships. Buying the land-based Typhon missile system — which the US deployed to the Philippines during last year's military drills — is among the options, Teodoro said in an interview earlier this month. The ambitious upgrade comes as Manila aims to safeguard its claims in the South China Sea, where Beijing continues to assert its expansive claims that have been rejected by an international tribunal's 2016 ruling. Philippine and Chinese boats have repeatedly clashed in contested waters in the past year. Teodoro, a former board director at BDO, has discussed the plan with the nation's bankers group and he's awaiting clearance from President Ferdinand Marcos Jr. and Finance Secretary Ralph Recto to facilitate a fundraising deal that may include foreign banks. 'We've told them let's work closely together on any initiatives,' said Bankers Association of the Philippines President Jose Teodoro 'TG' Limcaoco. 'As long as it's guaranteed by the republic, we have no problem.' --With assistance from Cliff Venzon. More stories like this are available on First Published: 23 Apr 2025, 10:17 AM IST
