Philippine banks through the Bankers Association of the Philippines (BAP) led by bankero Tony Moncupa Jr. have committed to work closely with the administration of president elect Ferdinand “Bongbong” Marcos Jr.
Moncupa, a vocal supporter of Vice President Leni Robredo and a victim of Martial Law during the regime of the late strongman Ferdinand Marcos Sr., said that the BAP will work with the incoming administration.
“The BAP looks forward to working with the incoming administration to ensure a strong, stable, and well-functioning financial system to support the nation’s development goals,” the bankero said.
Moncupa, president and CEO of East West Banking Corp., added that the generally peaceful and orderly election last May 9 is positive for the economy.
The government reported a stronger-than-expected gross domestic product (GDP) growth of 8.3 percent in the first quarter of the year, faster than the 7.8 percent booked in the fourth quarter and reversing the 3.8 percent contraction in the first quarter of last year.
“On the other hand, there are considerable headwinds facing the economy – geopolitical uncertainties, inflation, and the lingering effects of the pandemic. We wish the new administration well in meeting these challenges,” Moncupa said.
The BAP is the lead organization of universal and commercial banks in the Philippines consisting of 21 local banks and 24 foreign banks.