CEBU CITY -- Sun Savings Bank launched its third branch in Mandaue City on Friday, May 20.
Sun Savings Bank Chairman and President Francisco Dizon said they chose Mandaue City because the area is well-positioned to do business and is near Lapu-Lapu City and Cordova, which have growing population.
Dizon said the branch still offers its usual services, like deposits and loans.
"Basically, our branches offer similar services. We have deposits and loans. For deposits, we have savings account, with an ATM account as well. The main advantage we have is that we offer a very attractive rate of three percent per annum, which is probably the best rate in Cebu and maybe even in the country on savings accounts," he said.
"We also offer time deposits, could be short term like 30 to 90 days, one year or even as long as five years, for which we offer 5 1/2 percent per annum, tax free for five-year and one-month time deposit," he added.
"For loans, we offer loans to DepEd (Department of Education) teachers and loans for those who would like to buy vehicles, especially pre-owned vehicles, and then we now offer housing loans as well, for those who want to buy their own homes or condominiums. We offer long-term loans for such purposes. We work with developers like Cebu Landmasters Inc., for example, in terms of offering our housing loans," he said.
Dizon said Sun Savings will offer chequing accounts in the third quarter of 2016.
"Our customers, hopefully new customers as well, will be able to enjoy the services of our chequing accounts," he said.
"Chequing accounts are basically deposits in the bank, only that you are able to issue a cheque against your deposit, which is actually very useful for those who are engaged in business, 'cause it's very difficult to be carrying around cash when you want to transact. If you're in business, it's always more convenient to issue a cheque rather than pay cash," he added.
He said the chequing accounts also aim to offer services to the small and medium scale businesses.
On Duterte administration
Dizon also expressed optimism for the banking industry under the leadership of presumptive president Rodrigo Duterte.
"We're optimistic that with the new administration of president-elect Duterte, the economy, as a whole, will continue to grow and Cebu will benefit from that," Dizon said.
Duterte's leadership is seen to inherit a strong and stable economy following the country's economic growth at 6.9 percent in the first quarter this year.
"President Duterte has said that he will focus on certain key areas like bringing down the level of criminality and then bringing down the level of corruption as well and then also trying to eliminate the drug problem that's quite prevalent now in the country. So it's not really about business, but in the sense that if he is able to succeed in these areas, as he mentioned, then that will have a very positive impact on business, because then people can go about doing their business in relative peace without any interference from criminal elements or the added costs and inefficiencies due to corruption in government," he said.
"One of the things that president-elect Duterte will have the opportunity to do is to appoint the next central bank [Bangko Sentral ng Pilipinas] governor, because the central bank governor today is governor Tetangco [Amando M. Tetangco Jr.] and I believe that his term of office is ending in 2017," he said.
Dizon said Duterte's appointment of a new governor of the BSP will have a very important effect in the banking system.
Dizon said he is confident that the new president will appoint a person who is qualified and well-regarded by the banking community, both locally and internationally, so that the banking system can continue with all the gains that have made so far in the economy.
Sun Savings has a main office located at Fuente Osmeña, Cebu City, and branches in Talisay City and Carcar City. (USJ-R intern Rowinmar Espinosa/Sunnex)