To my fellow Shareholders,
2019 was an important year for the Philippine Bank of Communications as we celebrated our 80th year in the banking industry.
For eighty years PBCOM’s financial strength and deep expertise have enabled us to support our clients through many global crises, and today this is no different. As we prepared this year's annual report to shareholders, the world began to confront one of the greatest health threats of recent memory.
As you will see in this report, the operating results of the past year were very good and helped prepare the bank for this new challenge. The bank is doing well, and we are committed to building on this position of strength.
The entry of Mr. Lucio Co as a strategic partner has not only put our bank in a better capital position, but has opened up unique opportunities for further growth. We continue to work with Mr. Co’s group of companies like Puregold and S&R, which have given us an advantage in the SME and retail spaces via their network of vendors, suppliers, partners and customers.
We now have a diverse mix of profitable businesses. We have a strong culture, an efficient operating platform and a loyal customer base. We have actively invested in digital capabilities and data analytics to enhance our ability to serve. A rapidly growing number of our banking transactions now happen digitally – often on devices that did not even exist several years ago.
Retail banking in the Philippines is changing, with a greater focus on digital capabilities and modified footprints. Physical interaction and geography are no longer barriers to creating or building banking relationships. This has become even more evident during today’s health crisis where customer expectations and behaviors are shifting.
Our focus as we face 2020 is how to leverage on our new strengths and use them as differentiators to serve our clients and communities during these critical times.
Eric O. Recto