Malayan Bank opens second Cebu branch

CEBU, Philippines – The sustained economic dynamism in the province prompted Malayan Bank to open a second branch in Cebu despite the intense competition in the savings bank sector.

Malayan Bank, a savings bank owned by the principal shareholders of GMA Network Inc., LINQ Information Entertainment Quadrant Corporation and Majalco Inc., has es-tablished one branch in Cebu, located at T. Padilla area.

In an interview with Malayan Bank-Cebu branch manager Richard Bacalso during the bank's second anniversary celebration, he said that the savings bank sector in Cebu still offers healthy prospects, the reason the company decided to add one more branch to be located in the uptown part of the City.

Bacalso said Malayan is capitalizing on its attractive products that specialize in low-interest consumer loans, such as real estate, SME (Small and Medium Enterprises) credit facility, among others.

Surprisingly, amid the global economic recession, and the crisis that hit the banking industry due to the Legacy controversy in the last couple of years, Malayan Bank Cebu branch performed a double-digit growth posting a 100 percent year-on-year growth in depositor volume.

"We are banking on our good products and services, and especially our distinctive personalized banking strategy," said Bacalso.

The bank also offers unique high-yielding investments, such as the Power Saver and Big Saver.

"Malayan Bank is proud of its performance for the past 15 years. We are confident that we will continue to produce record income achievements and emerge as one of the top 10 thrift banks in the country in the next two years," said Malayan Bank president George J. Martinez, in a statement.

A member of the Cebu Bankers Club (CBC), Malayan Bank in Cebu has continuously established its credibility through adopting extra-personalized banking service to its cli-ents, with appealing products and competitive interest rates offering.

In 15 years, Malayan Bank had been able to establish 15 branches nationwide, and it also plans to add more branches starting this year, including the opening of second branch in Cebu to be opened by the first quarter of next year.

For SME loans, Bacalso said the bank is offering a minimum of P100 thousand grant for deserving SME applicants.

Aside from Cebu, the bank is also opening more new branches in other areas in the Philippines, such as Iloilo, Cagayan de Oro, and others.

Earlier, the Philippine Deposit Insurance Corporation (PDIC) has launched a massive campaign encouraging Filipinos to put their money in a bank via savings bank deposits or other products.

According to PDIC, Philippine deposit rate stood at 14 percent, this is expected to increase while people are starting to save via the banking system, not keeping their money "inside the bed" or in "piggy banks". (FREEMAN)