MANILA– "under control" and are better than initial expectations as consumers adapt to the COVID-19 pandemic, Bank of the Philippine Islands president and CEO Jose Teodoro Limcaoco said Wednesday."A year ago we thought it could go as high as 7 percent. That’s the good news. But I guess the people have been able to adjust to the changing times and fairly low interest rates," he said.
Deposits, meanwhile, "continue to grow," Limcaoco said, citing monetary policies of the Bangko Sentral ng Pilipinas. Limcaoco said the bank is also ramping up its digital offering as the pandemic drove up digital transactions.
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