Philippine banks in Forbes’ World’s Best Banks list

by Lawrence agcaoiLi Philstar.com

MANILA — Prominent business magazine Forbes has included 10 financial institutions from the Philippines in its recently published list of The World’s Best Banks for 2023.

The 415 banks that earned a spot on Forbes ranking were evaluated in categories, such as digital services, customer services, financial advice and trust.

“If you cannot trust your financial institution, all other perks and services dwindle,” Parijat Banerjee, global head of business services at LatentView Analytics, said.

Forbes’ World’s Best Banks 2023 reflects trust and other industry trends especially after the collapse of Silicon Valley Bank and Signature Bank in the US.

Compiled in partnership with market research firm Statista, the list is based on a worldwide survey of 48,000 banking customers in 32 countries.

The Top 10 banks in the Philippines include CIMB

by Frances Mangosing, JeroMe aning Inquirer.net

Acorda’s name was “always part of the shortlist” for PNP chief.

“He is well-recognized within the police force and even in our civilian leadership, especially in the places he’d been in— he became a PD (provincial director) and RD (regional director). We heard his name and the report about him is good so I said, maybe, he is the one most fit [to be PNP chief] now,” he said.

Ilocano roots

Just like his predecessor, Acorda traces his roots back to Mr. Marcos’ home province of Ilocos Norte where he grew up and finished his elementary and secondary education at Gabaldon Elementary School’s Special Education Center in the capital city of Laoag and Bacarra National Comprehensive High School in Bacarra town, respectively, before moving to the Philippine Military Academy where he graduated in 1991. He also has a Master’s Degree in Management from the Philippine Christian University.

Acorda’s father and namesake served as a lawyer for the Citizen’s Legal Assistance Office, now known as the Public Attorney’s Office, in La Union province. His mother, Purificacion Casuga Acorda, was a government nurse in La Union.

Prior to becoming PNP chief, he widely served in his home province of Ilocos Norte as chief of operations and plans, intelligence officer and assistant provincial director for operations in 2008, and Criminal Investigation and Detection Group deputy chief of operations in 2010.

He headed the Palawan provincial police and the regional police office in Northern Mindanao before he headed the Directorate for Intelligence in August 2022.

The low-profile Acorda has no known baggage and will be stepping into the PNP leadership without major controversies linked to his name in a career spanning more than three decades.

The new PNP chief also earned numerous accolades, including the Bronze Cross Medal, a prestigious singlegrade military decoration of the AFP awarded for heroism involving risk of life, and several presidential citations, awards and decorations.

Acorda served as the chief of staff of the PNP Civil Security Group and was one of the officials who pioneered the creation of the PNP AntiCybercrime Group.

Right choice

Interior Secretary Benjamin Abalos Jr. welcomed Acorda’s appointment and assured him of his agency’s support.

Senators on Monday also lauded the appointment of Acorda, with Sen. Ronald dela Rosa saying that he was the “best choice” to lead the PNP.

Dela Rosa, himself a former PNP chief, described Acorda as a “silent operator” and a “very professional officer” who knows how to stand his ground despite “pressures from selfish politicians.”

Senate President Juan Miguel Zubiri was also elated over Acorda’s designation as he noted the police general’s accomplishments when he led the Northern Mindanao regional police.

Sen. Risa Hontiveros said she received information that Acorda was “well-meaning and idealistic,” qualities that would help him implement reforms in the police organization.

In the House of Representatives, dangerous drugs committee chair Rep. Robert Ace Barbers said Acorda should continue cleansing the PNP’s ranks amid controversies surrounding its antinarcotics drive.

In Pangasinan province, Arturo Lomibao, also a former PNP chief, said he believed Acorda was prepared to assume the post with his “experience, knowledge and skills” despite “jumping over” three senior officers occupying three-star positions. Retired Police Col. Paterno Orduña, a former intelligence officer of the Pangasinan police, described Acorda as a “hardworking” and “low-profile” junior officer in

Bank, Lucio Tan’s Philippine National Bank (PNB), Ayala-led Bank of the Philippine Islands, Aboitiz-led Union Bank of the Philippines, and Sy-led BDO Unibank.

Completing the list were state-run Land Bank of the Philippines, Metrobank Group’s Philippine Savings Bank (PSBank), Yuchengco-led Rizal Commercial Banking Corp. (RCBC), Maya Bank of PLDT’s Voyager Innovations, and Gokongwei-owned Robinsons Bank Corp.

According to Forbes, the biggest banks were not necessarily the best as online banks are at the top in many countries, reflecting the COVID-19 pandemic’s impact on customers’ digital comfort.

Over the past two years, Banerjee said that banks rapidly adopted new digital technology that made customers’ experiences more robust, swift and personal – all necessary to appeal to Millennial and Gen Z customers.

CIMB Bank is the 31st largest lender in the Philippines in terms of assets at P30.26 billion as of end-2022, while PNB is the seventh largest bank with total resources amounting to P1.17 trillion.

BDO, owned by the family of the late retail and banking magnate Henry Sy, continued to dominate the industry with assets of P3.92 trillion and capital of P459.82 billion.

BPI is the country’s third largest bank with assets of P2.6 trillion and capitalization of P316.07 billion. The 171-yearold bank aims to complete its merger with Robinsons Bank , the country’s 16th largest bank with resources of P183.25 billion.

UnionBank is the country’s 9th largest bank with resources amounting to P961.58 billion, while RCBC is ranked sixth with P1.18 trillion.

On the other hand, PSBank – the thrift banking arm of the Metrobank Group – is the country’s largest mid-sized bank with assets of P263.37 billion and capitalization of P35.74 billion.

Maya Bank is one of the six entities granted digital banking licenses by the Bangko Sentral ng Pilipinas. n