DESPITE rising fuel and food prices, a global savings bank remains confident in the Philippine economy, particularly Cebu’s growth.
John Hickey, GE Money Philippines chief operating officer, said the bank intends to focus more on global growth through emerging markets like the Philippines.
“The Philippines had the strongest growth in 31 years (last year). And in the Philippines, Cebu has the fastest growing (provincial) economy,” he said, citing the province’s tourism and business process outsourcing (BPO) industries.
This is the reason, he said, that GE Money chose Cebu to be the focus of its growth in the country.
He told Sun.Star Cebu in an interview that GE Money has new product features and specific promotional programs for Cebuanos. The bank will announce today its new products for the Cebu market.
While GE Money, the banking unit of General Electric Company, does not have any acquisition plans at present, it intends to expand its automated teller machine (ATM) network and online banking facility.
Hickey said the bank now allows online personal loan applications with one-day processing and approval.
Documentary requirements for online applications may either be scanned and e-mailed to GE Money or sent through fax.
The bank, though, will require the original documents once the applicant comes in to pick up his or her check, Hickey said.
Online platform
As there are now more Internet users, the bank also enhanced its online platform to enable local and foreign fund transfers.
Hickey said GE Money has also improved its queuing system so that customers can be served within 10 minutes.
GE Money acquired Keppel Bank in December 2005 and refitted and renamed the Keppel Bank branches. Today, GE Money has a network of 30 branches, including three in Cebu, and 38 ATMs nationwide.
Hickey said despite the slowdown of the US economy, GE Money continues to grow due to its presence in emerging markets.
According to a GE Money statement, the bank’s global net income went up to $4.3 billion in 2007, higher than 2006’s $3.5 billion. The bank’s global assets grew to $210 billion in 2007 from $31 billion in 1995.
Seventy-five of GE Money’s net income comes from outside the United States.
The statement also said that the Philippines, with its population of 86 million, of whom 65 percent are under the age of 29, represents “a significant growth opportunity for the consumer finance industry.” (LAP)
