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Bank of Commerce (PSE: BNCOM), commonly known as BankCom, is a universal bank in the Philippines and licensed by the Bangko Sentral ng Pilipinas (BSP).[1] BankCom is the banking arm of diversified conglomerate San Miguel Corporation (SMC). It has a total network of 140 Branches and 260 Automated Teller Machines (ATMs) located nationwide, as of December 31, 2020.[2] As of 2022, BankCom is the fifteenth largest bank in the Philippines in terms of assets.[3]

Key Information

History

[edit]
A Bank of Commerce branch in Calamba, Laguna

BankCom has been operating since December 1963 and traces its origins to Overseas Bank of Manila with headquarters in Binondo, Manila. The bank has since evolved through different phases of growth. In 1980, Overseas Bank of Manila changed its name to Commercial Bank of Manila (ComBank). The following year, the Government Service Insurance System (GSIS) acquired ComBank. In 1984, ComBank acquired Royal Savings Bank.

Bank of Boston, one of the oldest and leading banks in the United States together with a local investment group acquired ComBank in 1988. The bank was then renamed Boston Bank of the Philippines.

In November 1991, the bank changed its official name to Bank of Commerce. With the buyout of Bank of Boston's majority interest in 1993, Bank of Commerce was placed under complete Filipino ownership. As part of its growth plans, Bank of Commerce acquired Pan Asia Bank and purchased selected assets and liabilities of Trader’s Royal Bank in 2001. These takeovers significantly increased the Bank’s presence in the banking industry.[2]

In 2008, San Miguel Properties, Inc., a subsidiary of San Miguel Corporation (SMC), and San Miguel Corporation Retirement Fund, the registered retirement plan of SMC Group employees, became the controlling shareholders of Bank of Commerce. San Miguel Properties, Inc. has 39.89% of ownership and San Miguel Corporation Retirement Fund has 39.94% of ownership, as of December 31, 2019.[2]

On January 16, 2013, the Securities and Exchange Commission (SEC) approved the extension of the corporate life of Bank of Commerce for another 50 years from December 16, 2013.

Lehman Brothers' exposure

[edit]

On September 17, 2008, Bangko Sentral ng Pilipinas announced that 7 Philippine banks have $386M in exposure to Lehman Brothers. Bank of Commerce was one of those affected having $15 million in exposure to the bankrupt US investment banking giant but the bank’s exposure was fully provided for as with the other affected banks.[4]

References

[edit]
[edit]
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Bank of Commerce

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from Grokipedia
The Bank of Commerce, commonly known as BankCom, is a publicly listed universal bank in the that provides a wide range of retail, corporate, and services to individuals and businesses nationwide. Established in 1963 as the Overseas Bank of Manila in , , it later operated as the Boston Bank of the before adopting its current name in November 1991 and achieving full Filipino ownership in 1993 following the buyout of foreign interests. Since 2008, it has been an affiliate of the (SMC), the country's largest conglomerate, which holds a majority stake exceeding 84% through various subsidiaries, enabling significant capital injections and strategic expansion. Licensed by the Bangko Sentral ng Pilipinas (BSP) as a universal bank, BankCom offers products including deposit accounts, loans, credit cards, remittances, trade finance, and digital banking solutions via its mobile app and online platforms such as BankCom Personal and BankCom Business. As of September 2025, the bank ranks 15th largest by total assets among Philippine universal and commercial banks (mid-tier), with total assets of PHP 276.25 billion, a network of 141 branches and 272 ATMs across the country, and a focus on underserved markets through its affiliation with SMC's diverse ecosystem. In the first nine months of 2025, it reported a 24% year-on-year increase in net income to PHP 2.75 billion, driven by core revenue growth in interest income and fees, alongside a return on equity of 63% and total capital funds of PHP 35.64 billion. Headquartered in Mandaluyong City, BankCom continues to emphasize sustainable growth, digital innovation, and community-oriented banking as part of its vision to become the leading conglomerate bank in the Philippines.

History

Founding and early development

The Overseas Bank of Manila was established on December 16, 1963, as a specializing in financing within the . Incorporated with its in the district of , the bank was designed to support the growing needs of the country's and sectors during a period of post-war economic recovery and expanding global trade ties. From its inception, the bank's operations were primarily concentrated in , offering core services such as deposit accounts, loan facilities, and transactions tailored to exporters and importers. This focus aligned with the era's emphasis on facilitating international commerce, where private domestic banks like the Overseas Bank of Manila played a key role in financing foreign trade activities and serving multinational clients. In , the bank faced a significant and was closed by the on August 21; it underwent rehabilitation before resuming operations. Starting with a limited network of branches in the capital, the institution gradually expanded its reach through the 1960s and 1970s, broadening its clientele to include small businesses and government employees amid the ' evolving financial landscape. In 1980, the Overseas Bank of Manila was renamed the Commercial Bank of Manila. The following year, in 1981, the (GSIS) acquired it, prompting a strategic pivot toward domestic . This ownership change marked the institution's first major transition, enabling it to better cater to local depositors and expand services beyond international trade to everyday financial needs of Filipino households and enterprises. In 1984, it acquired Royal Savings Bank, expanding into thrift banking.

Renamings, acquisitions, and expansions

In 1988, the Commercial Bank of Manila, originally established as the Overseas Bank of Manila in 1963, was acquired by The First National Bank of , leading to its renaming as the Boston Bank of the . This foreign partnership marked a significant shift in the bank's operations during the late 1980s. By November 1991, the bank underwent another name change to , emphasizing its commitment to serving the domestic market. This rebranding occurred amid efforts to localize ownership, culminating in 1993 when the bank achieved full Filipino ownership following the divestment by its foreign stakeholders. To fuel its growth in the early , Bank of Commerce pursued strategic acquisitions, including the acquisition of Pan Asia Bank in 2001 and the purchase of selected assets and assumption of selected liabilities from Trader's Royal Bank in November 2001. These moves substantially broadened the bank's branch network and customer base across key Philippine regions, enhancing its competitive position in commercial banking. A pivotal regulatory milestone came on January 16, 2013, when the Securities and Exchange Commission approved an amendment to the bank's articles of incorporation, extending its corporate life by 50 years from December 16, 2013, to ensure sustained operational stability. This extension aligned with broader reforms in the Philippine banking sector.

Acquisition by San Miguel Corporation and recent milestones

In 2008, (SMC) acquired a controlling stake in Bank of Commerce, transforming it into a key affiliate within the conglomerate's diversified portfolio. This strategic move was executed primarily through San Miguel Properties, Inc., establishing SMC as the majority stakeholder and integrating the bank into its broader ecosystem of businesses. The acquisition marked a pivotal shift, leveraging SMC's resources to bolster the bank's operational capabilities and market positioning in the Philippine financial sector. The bank's evolution continued with its upgrade to a universal banking license from the (BSP) in October 2022, enabling expanded services such as and trust operations. This positioned Bank of Commerce as the 15th largest bank in the by total assets in 2022, reflecting its strengthened role within the SMC group. A major recent milestone was the completion of a comprehensive core system upgrade in September 2025, modernizing all 140 branches and the entire network in collaboration with technology partners and to improve efficiency and customer experience.

Ownership and governance

Major shareholders and ownership structure

Bank of Commerce is a publicly listed on the under the PSE: BNCOM, with a significant portion of its ownership held by affiliates of (SMC). As of April 15, 2025, the bank's outstanding common shares total 1,403,013,920, enabling minority shareholders, including institutional investors represented through PCD Nominee Corporation (Filipino and non-Filipino pools), to hold approximately 21.5% of the voting shares collectively. Recent disclosures as of September 30, 2025, indicate no material changes to the major ownership structure. The major shareholders are primarily SMC affiliates, reflecting the conglomerate's strategic control following its 2008 acquisition of a substantial stake in the bank. San Miguel Properties, Inc. (SMPI), in which holds 99.87% ownership, possesses 31.91% of Bank of Commerce's common shares (447,711,800 shares). The Retirement Plan follows closely with 30.84% (432,626,860 shares), while SMC Equivest Corporation, a wholly owned subsidiary, holds 4.87% (68,305,560 shares). Additionally, Caritas Health Shield, Inc. maintains a notable minority stake of 7.82% (109,666,640 shares), with the remaining 3.06% distributed among other smaller holders.
ShareholderOwnership Percentage (%)Number of Common SharesAffiliation
San Miguel Properties, Inc.31.91447,711,800SMC affiliate (SMC owns 99.87%)
San Miguel Corporation Retirement Plan30.84432,626,860SMC affiliate
Caritas Health Shield, Inc.7.82109,666,640Independent
SMC Equivest Corporation4.8768,305,560Wholly owned by SMC
PCD Nominee Corporation (combined)21.50~301,725,670Public/institutional investors
Others3.06~42,933,000Various minor holders
This ownership structure positions Bank of Commerce as a key financial arm within the SMC , aligning its operations with the conglomerate's diversification into since the 2008 entry. The SMC affiliates' combined ~67.62% stake facilitates synergies, such as enhanced funding access for SMC projects and capital infusions like the 2021 acquisition of preferred shares by SMC Equivest worth PHP 5.5 billion, while the bank remains subject to oversight by the (BSP) as a . This subsidiary-like arrangement under SMC provides broader resource access without full consolidation, supporting strategic growth amid public listing requirements for minority protections.

Board of directors and executive leadership

The President and of Bank of Commerce is Michelangelo R. Aguilar, who assumed the role in and oversees the bank's daily operations, strategic direction, and implementation of growth initiatives. Aguilar, with extensive experience in banking and finance, leads the executive team comprising several executive vice presidents and senior vice presidents responsible for key functions such as , corporate banking, compliance, and . The , as of May 27, 2025, comprises 15 members, including a mix of executive, non-executive, and independent directors to ensure balanced governance. It features representatives aligned with , the bank's majority owner, alongside independent directors including Antonio S. Abacan Jr., Ricardo D. Fernandez, Daniel Gabriel M. Montecillo, Simon R. Paterno, and Lead Leonardo J. Matignas Jr., fulfilling the (BSP) requirement of at least 20% independent representation for regulatory oversight. Notable members include former BSP Monetary Board member Fe B. Barin, contributing expertise in . Subsequent to this date, Rebecca Maria A. Ynares resigned effective June 30, 2025, to serve as Representative of the 1st District of Rizal; Antonio S. Abacan Jr. was appointed on July 29, 2025, to complete her term. The board is supported by a Board of Advisors chaired by Jose T. Pardo, which provides strategic counsel on conglomerate-related matters. Key roles within the board emphasize robust and operational resilience. Chairperson Benedicta A. Du-Baladad, a seasoned and CEO of Du-Baladad and Associates, leads oversight of governance, ethics, and board committees including , and . Vice Chairperson Roberto C. Benares, a former bank president, supports strategic alignment, while CEO Aguilar drives and sustainable growth. The board's composition highlights diversity in gender and professional backgrounds, with expertise spanning finance, law, and corporate operations to navigate the bank's integration within the San Miguel ecosystem. Board meetings prioritize BSP regulatory compliance, advancements in , and expansion strategies following the completion of the bank's core system upgrade in 2025, which modernized its 140 branches and ATM network.

Products and services

Core banking products

Bank of Commerce provides a range of deposit products designed for both retail and corporate clients, including savings accounts, current accounts, and time deposits, all accessible through digital platforms like the BankCom Personal for real-time monitoring and transactions. Savings accounts, available in Philippine pesos and US dollars, offer competitive interest rates of 0.125% p.a. as of November 2025 and include features such as debit cards and passbooks for everyday banking needs. Current accounts function as checking accounts with automatic fund transfer facilities, supporting seamless withdrawals and deposits without minimum balance requirements in some variants. Time deposits, including regular and special options with terms from 30 days to one year, provide higher yields based on prevailing market rates, catering to clients seeking short- to medium-term savings growth. The bank's lending services encompass personal, home, auto, and small and medium enterprise (SME) financing, with a focus on underserved sectors such as and exports to support in the . Personal loans include salary loans for employees, offering quick access to funds with terms up to 24 months and competitive interest rates. Home loans provide financing for purchases or , secured by with maturities up to 20 years and competitive rates. Auto loans cover acquisitions through chattel mortgages, with approvals processed efficiently for terms up to five years. For SMEs, the bank offers term loans and business credit lines, with total loans reaching 130.332 billion as of December 2024, emphasizing support for via agri-agra loans amounting to 11.7 billion as of 2023 and financing through pre-shipment advances and loans against trust receipts to facilitate trade liquidity. Transaction banking services at Bank of Commerce include remittances, , and integrated with Bangko Sentral ng Pilipinas-regulated systems like PESONet and InstaPay for secure and efficient operations. Remittances are facilitated through the SIKAPPINOY program, which supports overseas Filipino workers with dedicated savings accounts and international transfers, including partnerships for the since 2023. , under the CASH PAY facility, enable employers to disburse salaries directly within the bank's network, streamlining payments for businesses. such as BankCom PAY, directPAY, and depositCOLLECT provide real-time fund monitoring, electronic collections, and payments to suppliers or like BIR and SSS, generating in service charges as of 2023, with fee income growing 9% in 2024. Credit card offerings from Bank of Commerce, introduced as part of post-2000 expansions under ownership to enhance competitiveness against larger Philippine banks, include Mastercard variants with integrated rewards programs, such as the Corporate Card launched in 2024 for SMEs and large companies. The Rewards Plus program allows cardholders to earn one point per PHP 50 spent, with 5x points on select dining and shopping, redeemable for merchandise via an annual catalogue; receivables reached PHP 5.9 billion as of 2024. Variants such as Classic, Gold, Platinum, and World provide escalating benefits, including up to PHP 2 million and airport concierge services, alongside cash installment options for flexible financing.

Specialized financial services

Bank of Commerce provides specialized that extend beyond standard retail and commercial banking, focusing on sophisticated solutions for corporate clients, high-net-worth individuals, and institutions within its universal banking license from the (BSP). These offerings include treasury operations, trust and , and , designed to support risk mitigation, wealth preservation, and . The bank's treasury services cater to corporate hedging and liquidity needs through foreign exchange trading, money market instruments, and derivatives. Foreign exchange trading encompasses spot conversions for immediate currency exchanges within two banking days and forward contracts for future deliveries up to one year, enabling importers and exporters to lock in rates against fluctuations; for instance, forward rates are calculated as the spot rate plus swap points. Money market instruments include short-term Treasury Bills (91 to 364 days maturity, minimum PHP 10,000 investment) and longer-term Treasury Bonds or Fixed-Rate Treasury Notes (2 to 25 years, minimum PHP 5,000–10,000), both offering risk-free government-backed yields with semi-annual or quarterly coupons. Derivatives such as forward FX contracts are utilized specifically for hedging underlying trade obligations, requiring documentation to ensure compliance. These services are accessible via branches with defined cut-off times, such as 3:30 PM for T-Bill placements. Trust and investment services operate under BSP trusteeship, providing structured solutions for and responsibilities. Key offerings include Funds (UITFs) with a minimum of PHP 10,000 or USD 1,000, featuring conservative options like the Diversity Money Market Fund, moderate bond funds in pesos or dollars, and aggressive equity-focused funds for diversification and . Accounts (IMAs) deliver customized portfolios in bonds, shares, and other assets for higher yields, while Personal Management Trusts facilitate and wealth distribution, bypassing delays of 1–10 years. Pension management is handled through Retirement Funds for , offering tax exemptions and professional oversight. Additional specialized trusteeship includes arrangements for buyer-seller transactions or requirements, facility agency roles, mortgage trust indentures, and safekeeping services; these are not insured by the Philippine Deposit Insurance Corporation and carry market risks borne by clients. Asset management services target high-net-worth individuals and institutions with portfolio advisory and tailored strategies, enhanced by a 2020 partnership with Manulife Asset Management and Trust Corporation to access diverse onshore and options. As the financial arm of , Bank of Commerce leverages group synergies to strengthen asset quality and profitability in managing portfolios, which reached PHP 72.73 billion in as of 2024. These services emphasize professional fund oversight and administrative efficiency for institutional clients. In 2025, following a comprehensive core system upgrade completed in August, Bank of Commerce introduced enhancements to transaction banking, including integrations for seamless corporate client operations and improved liquidity management tied to . This modernization, in partnership with , upgraded all 140 branches and the ATM network to support advanced hedging and investment processing.

Operations and network

Branch and ATM infrastructure

As of 2025, Bank of Commerce maintains a nationwide network of 140 branches strategically distributed across the , with a significant concentration in and key provinces in , while also extending to and regions to serve urban and semi-urban communities. This distribution prioritizes accessibility in high-population areas, enabling the bank to support a diverse base including employees and affiliates of its parent company, . The bank's ATM infrastructure comprises 272 automated teller machines, including on-site units within branches, off-site installations at strategic locations such as commercial hubs, and cash kiosks that facilitate 24/7 cash withdrawals, deposits, and non-cash transactions like balance inquiries and fund transfers. These enhance physical , particularly in areas without full branch services, and are designed to handle increased transaction volumes with enhanced security features. Strategic expansions have bolstered the network's reach, notably through acquisitions in the early that incorporated additional branches and extended services to rural and semi-urban locales previously underserved by the bank. In 2025, the bank completed a comprehensive upgrade to its systems across all 140 branches and the full ATM fleet, introducing advanced teller systems and migration to modern platforms for improved and faster service delivery. This initiative complements the bank's digital channels by ensuring robust physical infrastructure for customers preferring in-person banking.

Digital and technological initiatives

The Bank of Commerce has developed digital platforms to facilitate convenient customer access to banking services. The BankCom Personal mobile application, launched in 2020, enables users to manage savings and current accounts, time deposits, fund transfers, bill payments, and other account-related functions from their devices. Complementing this, the bank's portal, BankCom Personal, supports similar features including secure logins for transfers and payments, with enrollment available through the website or app. In September 2025, the bank completed a full core system replacement, migrating its legacy infrastructure to a modern platform in partnership with for solutions and for hybrid cloud and AI capabilities. This upgrade integrates for enhanced fraud detection and accelerates , enabling real-time operations across the network. The technological advancements support collaborations with technology providers to advance API-enabled banking services, fostering integration with external systems for improved . Following the upgrade, 100% of the bank's 140 branches and 272 ATMs now facilitate real-time processing, which has minimized downtime and strengthened cybersecurity measures in alignment with standards.

Financial performance

Key historical metrics

The Bank of Commerce, established in 1963 as the Overseas Bank of Manila, began operations with modest assets focused on basic commercial banking in the Philippines. Over the decades, it experienced steady expansion through acquisitions and strategic partnerships, culminating in total assets of PHP 145.0 billion by the end of 2019, reflecting a compound annual growth rate supported by economic liberalization and increased market penetration. This growth trajectory was marked by net income after tax reaching PHP 0.65 billion in 2019, driven primarily by interest income and controlled operating expenses amid a robust Philippine banking sector. Total equity accumulated to PHP 16.1 billion by 2019, bolstered by and capital infusions following the 2008 acquisition by San Miguel Properties, Inc., a subsidiary of . In that year, approved an additional PHP 5.5 billion equity investment to facilitate the bank's upgrade to universal banking status, enhancing its capacity for diversified financial activities. Prior to the global financial crisis, the bank's deposit base grew steadily, fueled by its longstanding ties to the (GSIS), which acquired controlling interest in 1981 and rebranded it as ComBank, leveraging public sector deposits for expansion. By 2022, the Bank of Commerce had evolved from a mid-tier player in the —when it ranked outside the top 20 by assets amid a fragmented banking landscape—to the 15th largest universal and in the , with total assets exceeding 199 billion according to (BSP) data. This positioning underscored its improved scale relative to peers, positioning it as a notable mid-sized institution in a sector dominated by larger universal banks.
Key MetricValue (2019)Notes
Total Assets 145.0 billionEnd-of-year figure, reflecting post-acquisition consolidation.
Net Income After Tax 0.65 billionAttributable to parent, up from prior years on interest and fee income.
Total EquityPHP 16.1 billionIncludes and San Miguel infusions.

Recent financial results and growth

In 2025, Bank of Commerce demonstrated robust profitability, with net income reaching PHP 866.79 million in the first quarter, marking a 13% increase year-over-year from PHP 769.18 million in the same period of 2024. This momentum continued into the first half of the year, where net income rose to PHP 1.86 billion, reflecting a 31% year-over-year growth driven by expanded lending activities and higher interest income. By the third quarter, cumulative net income for the first nine months stood at PHP 2.75 billion, up 24% from the prior year's corresponding period, underscoring sustained earnings expansion amid a favorable interest rate environment. The bank's capital position strengthened, with capital funds totaling PHP 35.64 billion as of September 30, 2025, representing a 7% increase from the end of 2024. Total assets grew to PHP 276.25 billion by the third quarter, supported by a 10% year-over-year rise in loans and receivables to PHP 150.18 billion, while total equity aligned closely with capital funds at approximately PHP 35.64 billion. This growth followed the completion of a major system upgrade in August 2025, which migrated all 140 branches and the network to advanced infrastructure, enhancing and enabling better for asset expansion. Revenue growth was primarily fueled by core banking activities, including a 17% year-over-year increase in to PHP 7.90 billion for the first nine months, bolstered by loan portfolio expansion and investment yields. Non-interest income contributed PHP 1.40 billion, up 9% year-over-year, with gains from transactions and other fee-based services. Controlled operating expenses, evidenced by a cost-to-income ratio of 59%, further supported profitability. A notable example of corporate lending growth was the PHP 5 billion loan extended to in September 2025 to finance its capital expenditures, which enhanced the bank's corporate portfolio and diversified revenue streams. Looking ahead, Bank of Commerce's strong of 16.97%—well above regulatory requirements—and the recent technological enhancements position it for continued revenue growth through expanded services and prudent expense management in the remaining quarters of 2025 and beyond.

Notable events

Exposure to Lehman Brothers collapse

During the global , the Bank of Commerce's exposure to the bankruptcy on September 15, 2008, was limited to $15 million in securities held as of , 2008. This figure formed part of the aggregate $386 million exposure reported across seven Philippine banks by the (BSP). In compliance with BSP directives on risk management and provisioning, the bank fully reserved the $15 million exposure to cover potential losses, ensuring prudent accounting under Philippine Financial Reporting Standards. This full provisioning absorbed the impact without compromising the bank's , which remained well above regulatory minimums amid the broader . The modest scale of the exposure—equivalent to less than 1% of the bank's total assets—reflected a conservative approach that prioritized low-risk holdings, thereby minimizing any spillover effects on operations or customer funds during the turbulent period. BSP disclosures confirmed that such losses across the sector did not disrupt banking stability or in the .

Regulatory compliance and partnerships

Bank of Commerce operates as a under a license issued by the (BSP), subjecting it to stringent capital adequacy, liquidity, and requirements as outlined in the Manual of Regulations for Banks. As a , it maintains compliance with standards implemented by the BSP through Circular No. 781, which aligns Philippine banking regulations with international risk-based capital adequacy frameworks to ensure financial stability. The bank emphasizes robust anti-money laundering (AML) measures and adherence to the Data Privacy Act of 2012, which governs the protection of personal information in financial transactions, reflecting its commitment to ethical operations without reported major regulatory infractions since the . In 2025, Bank of Commerce advanced its technological infrastructure through a strategic partnership with Finacle, completing the migration of its system across 140 branches and its network by , replacing legacy platforms to enhance and . This upgrade supports broader goals, enabling faster and improved . Additionally, the bank entered a significant lending agreement in 2025, providing a PHP 5 billion to to finance capital expenditures, underscoring its role in supporting key corporate clients in the sector. Bank of Commerce actively participates in BSP-led financial inclusion initiatives, aligning with the National Strategy for Financial Inclusion 2022-2028 to broaden access to for underserved populations. This involvement includes expansions in microfinance-oriented lending and SME support programs, as evidenced by recognitions for community financial initiatives and executive commitments to inclusion efforts, such as promoting collateral-free loans and literacy programs. These efforts contribute to BSP's goals of poverty alleviation and economic resilience by facilitating microloans and digital access for small businesses and low-income groups.

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  61. https://www.dataguidance.com/sites/default/files/bsp_manual_of_regulations_for_banks.pdf
  62. https://www.finacle.com/news-room/press-release/bank-of-commerce-philippines-selects-finacle-for-core-banking-transformation
  63. https://www.afi-global.org/wp-content/uploads/2024/10/philippines_nsfi_booklet.pdf
  64. https://asianbankingandfinance.net/event-news/leading-banks-financial-companies-lauded-asian-banking-finance-awards-2025
  65. https://www.bankcom.com.ph/news/bankcoms-don-carlo-hernandez-to-prioritize-candidate-relations-financial-inclusion-and-best-practices-adoption-as-new-cfa-society-philippines-trustee/
  66. https://www.bsp.gov.ph/SitePages/InclusiveFinance/InclusiveFinance.aspx
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