Metrobank to open 50 more branches this year

CEBU, Philippines - Bullish on the domestic economy, universal bank Metropolitan Bank & Trust Company (Metrobank) targets to open 50 more branches outside of Metro Manila this year.

Metrobank vice chairman Francis Sebastian said that the bank’s expansion plan will largely cover the Southern Philippine market, while some of its new branches will be spread in the Luzon area.

Sebastian said despite the unpredictable movement of the ongoing crises faced by the world’s giant economies, the United States and Europe, the Philippines is still seen to perform well economically.

Besides, he said putting confidence by investing in the local economy can help protect the Philippines from being contaminated by the outside economic struggles.

While the Philippine economy is powered by the remittances of the OFWs (Overseas Filipino Workers), he said the robust growth in other industries, such as tourism, and Business Process Outsourcing (BPO), among others sustained the strength of the country’s financial system.

Aside from its good performing growth in the urban centers for the bank operations, Sebastian said Metrobank is counting on the countryside areas as one of the bank’s growth drivers this year.

Thus, most of the expansion plan this year, will be put in the suburban or in the countryside locations.

Metrobank is the country’s premier universal bank with an extensive consolidated network that spans over 1,300 automated teller machines (ATMs) nationwide, over 575 local branches, and 38 foreign branches, subsidiaries and representative offices.

While other banks have announced to focus its expansion plans virtually, Sebastian believes that opening physical branches still works best for the Philippine market.

The bank will spend about P5 million to P10 million per new branches. While adding at least five to six people to man every branch.

Sebastian, together with Metrobank chairman Antonio Abacan Jr., and Metrobank owners led by tycoon George S.K.Ty, were in Cebu recently to visit its large power investment in western part of Cebu in Toledo City, the Cebu Electric Development Corporation, and Toledo Power.

Ty led the distribution of “Bags of Blessing” (BOB) in the City of Toledo to 500 families in the city.

Toledo City is one of the recepient areas in the country for Ty’s nationwide endeavor as the highlight of the company’s celebration of the 2012 Chinese New Year.