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Bloomberg
BDO Unibank Inc, the Philippines’ largest lender by assets, wants the country’s next president to be tough against the cybercrimes.
Financial service providers that are outside the scope of central bank regulations have proliferated, and “for the health of the industry and the public, they should look at how these entities should be managed relative to banks†which are
“extremely†regulated, BDO Unibank President Nestor Tan said during an annual general meeting. Legislation and regulation must be tough enough to discourage cybercrimes, he also said.
BDO, owned by the family of late billionaire Henry Sy, in December lost money to an online fraud in which funds were channeled to accounts at another Philippine lender. Tan, at Friday’s meeting, said it will sustain digital innovation and strengthen its business strategies.
After expanding by more than half in 2021, BDO expects profits to grow 5% to 10% this year as pandemic restrictions ease and even as inflation remains a worry. Its loan portfolio will likely increase by 8% to 12%, Tan said. First-quarter net income was up 13% at 11.7 billion pesos ($223.5 million) in the first quarter.