December 7, 2024 | 12:00am
MANILA, Philippines — BDO Network Bank, the rural banking arm of BDO Unibank Inc., is on track to significantly expand its reach, with 20 more branches set to open this month.
This will bring its total network at around 560 to 570 branches by yearend, capping off a year of more than 70 new openings, according to BDO Network Bank president Jesus Antonio Itchon.
“I have about another 20 or so more branches to open this December. So, we’ll end the year at around 560 to 570 branches,” he told reporters.
For 2025, BDO Network Bank aims to exceed this year’s expansion efforts, focusing on underserved regions, especially in tourist hotspots.
“What happens is, when we open a branch, the investors who are putting up resorts are encouraged. So, we actually are able to help the investors invest more easily into the area,” Itchon said.
The expansion also aligns with the bank’s mission to bring banking services to communities with limited connectivity and infrastructure, particularly those in far-flung areas.
Amid the banking industry’s shift toward digitalization, Itchon said physical branches are still crucial in rural areas with limited or no internet access.
Many of these locations, he noted, require innovative solutions like Starlink satellite technology due to the absence of landline or mobile network services.
“I define the market we’re going after as underserved and not just underserved by the banks. It’s underserved in infrastructure as well,” he said.
He further explained that establishing a physical presence fosters trust with new customers and creates opportunities for economic growth in these areas.
“Financial inclusion needs access and the access for our markets needs physical touch. We need to put people on the ground. That’s why we’ve been opening branches,” he added.
BDO Network Bank, formerly known as One Network Bank Inc., has a longstanding legacy of serving unserved and underserved communities.
It provides financial products tailored to the basic needs of rural and far-flung areas such as loans, deposits, cash management, remittance and bills payment services.
BDO Network Bank recorded P113.8 billion in assets as of end-June, making it the largest rural lender in the country.
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