Philippines' best bank for SMEs 2022: BDO Unibank
BDO Unibank, led by president and chief executive Nestor Tan, is the Philippines’ largest bank by assets and is often seen as a bellwether for one of Asia’s least predictable economies.
In the Covid-19 era, no sector in the Philippines was more vulnerable than SMEs, which form the backbone of the economy; more than 100,000 key businesses support more than 32% of all employment. Unsurprisingly, SMEs suffered the worst blows from pandemic-related lockdowns and cratering consumer confidence.
In 2020 and 2021, BDO leapt into action. BDO’s SME banking division gave enterprises across different industries creative and extensive financing options and cash management tools. These and other efforts proved crucial for businesses that were slow to anticipate the depth and magnitude of the disruptions resulting from the pandemic.
They also enabled BDO to shine, digitally. Although Filipinos love to use their smartphones, all too many SMEs are bound in tradition and averse to change. For BDO’s team, this provided a rare opportunity to help clients to accelerate their digital transformation.