Bank of the Philippine Islands (BPI) president and CEO TG Limcaoco sees the economy recovering from its pre-pandemic levels once once mobility resumes.
In a letter to clients, Limcaoco said private consumption, investment and services would complement continued government spending on infrastructure as major growth drivers.
The Philippines entered December with high hopes the pandemic could begin fading in 2022 as vaccination numbers rose and mobility restrictions were relaxed.
“Unfortunately, the emergence of the omicron variant has set us back somewhat. The silver lining is that with vaccinations and boosters being applied, health experts say that this variant is possibly the key to shifting this pandemic into an endemic,” Limcaoco said,
The country tallied another record level 37,207 COVID-19 infections on Friday as total cases breached the three million mark due to the more contagious Omicron variant.
“In this light, I want to reinforce our commitment to everyone’s safety and our mission to be your trusted financial partner, especially in these extra challenging times,” he said.
Limcaoco said BPI branches nationwide would remain open on weekdays from 9 am to 3 pm, in strict compliance with the safety guidelines of the local government units.
“Digitalization is one of the strongest drivers of change in our society today. Our efforts to reinvent the banking experience by investing in technology, up-skilling people and building partnerships that support digital services have started to pay off,” he said