10 Philippine banks in Forbes’ World’s Best Banks list

by Lawrence agcaoiLi Philstar.com

grade 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 Pangasinan when Lomibao served the Ilocos regional police. (With reports from Marlon Ramos, Julie M. Aurelio, Yolanda Sotelo and John Michael Mugas)

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 U.S.

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 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 staterun 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 Gokongweiowned 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

MANILA — Oscar Lopez, businessman and patriarch of the Lopez clan, has passed away at age 93.

“He was our North Star, the inspiration, and guide for succeeding generations of Lopez Group executives and employees who learned to treasure and practice with him the Group’s distinct core values: a pioneering entrepreneurial spirit, business excellence, unity, nationalism, and social justice,” First Philippine Holdings, where Lopez sat as chairman emeritus, said in a statement on Sunday, April 23.

Lopez was the chairman emeritus of local conglomerate, Lopez Holdings Corp. The Lopez family incorporated the conglomerate in 1993 as the holding company for its major investments.

Lopez Holdings Corp. has stakes in various business sectors: power and energy through First Gen Corp. and Energy Development Corp., media via ABS-CBN and Sky Cable, the property sector through Rockwell Land Corp. and First Philippine Industrial Park, as well as in manufacturing via First Philec Corp. It was ABS-CBN that first reported on his death.

ABS-CBN News was first to report his passing on late Saturday night, April 22.

Apart from First Philippine Holdings and Lopez Holdings Corp., Lopez was also the chairman emeritus of First Gen, EDC, First Balfour, Rockwell Land, among others.

Forbes listed Lopez as 45th in its 2022 edition of Philippines 50 Richest, with a net worth of $245 million.

While he is known for his contributions across the business sector, First Philippine Holdings said

Oscar Lopez ABS-CBN photo his legacy will be being among the pioneers in putting into consideration the environmental and community impact of business dealings. He founded a climate think-tank, which is now named after him. The Oscar M. Lopez Center for Climate Change Adaptation and Disaster Risk Management Foundation, Inc. was created to look for solutions and technologies that develop climate risk information for use of communities.

Lopez studied at Harvard College and graduated cum laude in 1951 and finished his graduate degree – a Masters of Public Administration – in 1995. He received a Doctor of Humanities honoris causa from De La Salle University and Ateneo de Manila University as well as a Doctor of Laws honoris cause from the Philippine Women’s University and the University of the Philippines. (Philstar.com)