BPI says services to 'normalize' on Friday

MANILA - Bank of the Philippine Islands said Friday it expected services to "normalize" within the day, as it reeled from a two-day disruption that inconvenienced customers.

Electronic channels have been hit with high traffic volumes since being restored at 9 a.m. on Thursday, which may lead to "intermittent difficulties," the bank said in a statement.

"We expect our services to normalize as the day progresses, and thank you for your patience and understanding," the bank said.

The bank said ATM and over-the-counter transactions were available.

Banks expect high transaction volumes on Friday due to the long weekend. Monday is a public holiday for Independence Day.

source: news.abs-cbn.com

Shares snap losing streak after Fed decision

Philippine shares opened higher on Thursday, snapping four straight days of losses after the US Federal Reserve kept policy rates steady.

The Philippine Stock Exchange Index (PSEI) was up 0.54 percent to 7,219.19 in early trade. Analysts however said shares would trade within a tight range as investors stay on the sidelines ahead of the May 9 elections.

“We may have some slight relief but I think the markets will tend to hold in this range-bound pattern until elections are over,” Smith Chua, vice president at Bank of the Philippine Islands’ Asset and Trust management Group told ANC’s “Market Edge with Cathy Yang.”

Bangko Sentral ng Pilipinas Governor Amando Tetangco signaled he would keep local policy rates unchanged ahead of a monetary board meeting next month.

“At the moment, we really don’t expect any major developments cropping up that would necessitate a shift in our stance of policy,” Tetangco said in a statement.

The Federal Reserve action was “broadly in line” with market expectations and “should help clear up global positioning in the near term,” Tetangco said, adding a Bank of Japan decision on Thursday was also being monitored.

Tetangco said he did not see “significant changes in economic policy thrusts” after the May 9 elections. Tough-talking Davao City Mayor Rodrigo has widened his lead over erstwhile frontunner, Sen. Grace Poe, in the most recent surveys.

source: www.abs-cbnnews.com

Banks announce holiday schedule

MANILA – Several banks announced that they will be adjusting their schedules for the holidays.

For Bank of the Philippine Islands (BPI) and BPI Family Savings Bank, the following schedules will be implemented from December 24, 2015 to January 4, 2016:

• Dec. 24-25: All regular branches and all kiosks closed
• Dec. 26: Branches and kiosks with Saturday operations open
• Dec. 27: Branches and kiosks with Sunday operations open
• Dec. 28-29: All regular branches and kiosks (except those with Tue day-off schedules) open
• Dec. 30: Select branches open
• Dec. 31-Jan. 2: All branches and kiosks closed
• Jan. 3: Branches and kiosks with Sunday operations open

Regular operations of all branches and kiosks, except those with Monday day-off, are scheduled to resume on January 4, 2016.

BPI's ATMs, cash-deposit machines, POS terminals, electronic banking platform, and mobile app will be available for BPI online and mobile transactions during the holidays.

BPI Globe BanKO clients may also carry out transactions during the holidays at open partner outlets.
"In view of the long holiday, we urge clients to plan and complete their transactions ahead of time," BPI said in a statement.

For BDO Unibank, selected branches will be open on December 24, 26 and 27.

The full list of banks can be found on the bank's website.


BDO said its ATMs and electronic banking services will continue to handle transactions and other banking services.

China Bank, meanwhile, said almost half of its branch network will serve customers on December 24 and 31 and January 2.

On December 24, 46 China Bank branches in Metro Manila and 57 in the provinces will be open.

On December 26, 10 provincial branches are open on top of the 58 branches with regular Saturday banking schedule.

On December 31, 71 Metro Manila and 116 provincial branches will be open.

On January 2, 2016, branches with regular Saturday banking schedule will be open, as well as 64 China Bank branches in Metro Manila and 63 in the provinces.

China Bank branches that have regular Saturday and Sunday banking on December 26 and 27 and January 3 are also open.

"Selected branches that are open during the holiday break will be on a half-day banking schedule or shortened banking hours, which means closing one hour earlier than usual," China Bank said.

Its ATM, mobile and internet banking, and phone banking will also be available during the holidays.

source: www.abs-cbnnews.com

BPI sees strong growth in prepaid cards

MANILA, Philippines - There's a growing demand for prepaid cards, especially among young professionals, according to Bank of the Philippine Islands.

Ranjit Basi, senior manager for debit and prepaid cards, banking division of BPI, said the BPI My ePrepaid MasterCard is becoming popular among young professionals who don't have credit cards yet, but have disposable income. They are typically aged 21-24 and are in their first jobs.

"My ePrepaid is basically a card where you can load with cash and use it to purchase. You can use it on online stores and even when you travel abroad. It has become very popular among young professionals who don't own credit cards yet but they want to buy online for the piso fares, seat sales," she said in an interview.

The card is also popular among people who have smartphones and tablets, and want to keep within a certain budget when buying games and apps online.

"If a parent wants to give a child an app budget of P100 or P200, they can use (the prepaid card) to buy their apps," Basi said.

My ePrepaid MasterCard was launched in 2012, and has seen significant growth in its card base.

"In the past two years, the card base has grown three times in size and in terms of volume, we are processing over twice the number of volume that we use to purchase. It's driven by the airline industry and gadgets industry like iTunes and Google Play," Basi said.

Basi noted the rise in the popularity of online shopping among Filipinos has also fueled the growth of the prepaid card.

"There is a significant increase in shopping, specifically for merchants like Lazada, Zalora, and group buying sites... Filipinos are getting used to buying online, whether it be shoes, clothes," she said.

BPI was awarded by The Asian Banker for the Best Payments Product in Asia for the BPI My ePrepaid MasterCard.

More prepaid products

Since My ePrepaid MasterCard is targeted at young professionals, BPI has been actively promoting it on social media.

One can even apply for the card directly on the Facebook page (My ePrepaid), the websites of BPIexpressonline and BPIcards, as well as merchant partners like Lazada, Ensogo and Zalora. There is a processing fee of P500 and the card can be picked up from the BPI branch 3-5 days after application.

The card, which is valid for two years, can be reloaded with cash through BPI's 24/7 channels such as Express Deposit Machines, as well as online, BPI's mobile app, phone banking, as well as SM payments centers. As much as P100,000 can be loaded in the card every month.

Basi said the card can be used in any store here and abroad that accepts MasterCard. However, the card does not have a withdrawal function.

BPI is expected to come out with several prepaid card products in the future.

"We're seeing the need for it increasing significantly. There are people who are more inclined to use credit and more people inclined to use their debit cards. But for those who can't use credit or debit card, there's a space for prepaid," Basi said.

source: www.abs-cbnnews.com