Bankers’ Night

If, hypothetically, a bomb exploded at Fort San Antonio Abad last Friday or if the earth beneath it suddenly disappeared, the country’s banking community would surely collapse.

This was the joke of a retired banker I bumped into at Friday’s much awaited big event, the 2025 Annual Reception for the Banking Community hosted by the Bangko Sentral ng Pilipinas (BSP).

The joke, of course, was on point because the event gathered the biggest names in the banking industry and regulators – past and present – led by BSP Governor Eli Remolona Jr.

As early as 5 p.m., an hour ahead of the 6 p.m. call time, bankers dressed to the nines – men dapper in their sleek suits and signature ties and ladies elegant in their evening wear – started arriving.

I spotted tycoons Arthur Ty, chairman of Metrobank; Jaime Augusto Zobel de Ayala, chairman of BPI; Tessie Sy-Coson, chairman of BDO Unibank and her brother Hans, chairman of Chinabank.

I also saw Philippine National Bank president Florido Casuela; Security Bank president and CEO Sanjiv Vohra; BPI and Bankers Association of the Philippines president TG Limcaoco and veteran banker who is now a director at Citicore Renewable, Topper Coronel.

From the MVP Group, there’s Al Panlilio, chairman of Maya Bank and this year’s president of the Management Association of the Philippines.

Former BSP governors also added prestige to the evening. There’s multi-awarded two-termer governor Amando Tetangco Jr., whose timing was impeccable as he arrived just in time for the class photo of former BSP governors with Gov. Eli.

I also saw current Monetary Board (MB) member and former BSP governor Ben Diokno, as well as ex-BSP chiefs Felipe Medalla, Jose Cuisia and Jaime Laya. The man of the hour, Bobby Tan, president of the Philippine Deposit Insurance Corp., was also present. He was being hounded by my media colleagues and bankers on the PDIC Deposit Insurance Fund issue.

MB members Romeo Bernardo, Rosalia de Leon and newcomers Walter Wassmer and Jose Querubin were also present, as was ex-MB member Peter Favila. I also saw former MB member Alberto Romulo, father of BSP deputy governor Berna Romulo-Puyat.

Indeed, every year without fail, bankers descend into the Fort San Antonio Abad, which transforms into a glittering al fresco courtyard with a charming entrance that is dotted with night lights, you’d feel like you’re walking into a giant jewelry box. Who would have thought that Fort San Antonio Abad was once upon a time the site of multiple executions by hanging during the Philippine-American War?

In the present day, however, if there were any delinquent or unscrupulous banks up for “executions” by our tough regulators, they surely get a reprieve at least for one night every year during Bankers Night, which is always about exchanging pleasantries and recollection of the good times.

Members of the diplomatic community also graced the event. I saw US Ambassador MaryKay Carlson, Malaysian Ambassador Abdul Malik Melvin Castelino, Thailand Ambassador Tull Traisorat and New Zealand Ambassador Catherine McIntosh.

75 years of central banking

In his speech, Gov. Remolona thanked his guests for a milestone-filled 2024.

“It has been a remarkable year. I’m truly grateful for the hard work that each one of us has put in. Indeed, we have much to celebrate. We received from S&P an upgrade in our credit rating outlook. With your help, we launched the IRS peso market, and we took significant steps to expand the government repo market. We also rolled out the Financial Services Cyber Resilience Plan and helped pass the Anti Financial Account Scamming Act,” he said.

Gov. Eli also mentioned the “new smarter, cleaner and stronger polymer banknotes.”

“The year 2024 also happens to be the 75th anniversary of central banking in the Philippines. Please join me in applauding the services of BSP employees, the current ones, as well as those who served before them. Some of them are here with us today.”

Digitalization and financial inclusion

Moving forward, the governor said the BSP looks forward to working with the industry in the coming year.

He mentioned digitalization and financial inclusion, which I also hope to see strengthen in our country today.

“As we look ahead to 2025 and beyond, I am thrilled to continue working with you to build on our shared successes. Let us continue working together on digitalization and financial inclusion. Let’s also intensify our efforts on Open Finance to ensure that people can choose financial services that best suit their needs,” he said.

Shared goals

He rallied bankers to continue working with regulators to achieve their shared goals – which are all about helping the Filipino people.

“Having worked with many of you over the years, I know that we share the same goals, and we share the same drive to make the banking industry a stronger engine for jobs and growth for the Filipino people,” he said.

It was, as always, a pleasant event and a night of catching up on the latest gossip and issues in the banking circles.

Speaking of issues, the hottest topic among bankers that night was the Marcos administration’s move to siphon funds from state deposit insurer PDIC.

Do bankers like it? No, they don’t, but that’s worth another column which I’ll save for another time.

For now, I offer my toast to Gov. Eli for leading the industry last year despite the challenges of inflation and the ghost employee scandal, an issue he merely inherited.

Here’s looking forward to a stronger banking sector in 2025.

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Email: [email protected]. Follow her on Twitter @eyesgonzales. Column archives at EyesWideOpen on FB.