ALL listed banking brands in the Philippines saw their brand values grow by at least four percent, thanks to the nation's upbeat economic growth driven by strong domestic demand, brand valuation consultancy firm Brand Finance said.
The economy of the Philippines is projected to grow faster than expected this year as strong domestic demand propels the nation forward despite high inflation and tight fiscal conditions.
"With the rise of a young and tech-savvy consumer base and an underutilisation of digital technologies, there is a growing need to adopt digital financial services. As such, a digital revolution has swept through the nation's banking sector with brands increasingly investing in digital banking platforms to upgrade customer experience," Brand Finance said in its Philippines 20 2023, report ranking the nation's top 20 brands in terms of brand value.
Consequently, banking brands in the Philippines saw their brand values head northwards, according to the report.
BDO led the charge as the most valuable banking brand (brand value up 49 percent to US$2.2 billion), followed by Bank of the Philippine Islands (brand value up eight percent to $1.3 billion) and Metrobank (brand value up by four percent to $1.1 billion).
New entrants
The sector also saw five new entrants that made the rankings this year – Union Bank of the Philippines (brand value at $557.28 million), Security Bank (brand value at $331.44 million), Chinabank (brand value at $278.29 million), RCBC (brand value at $246.02 million) and Philippine National Bank (brand value at $234.69 million).
PLDT is the most valuable brand in the Philippines in Brand Finance's rankings this year, powered by a two percent increase in brand value to $2.6 billion. PLDT's brand performance contributed to the brand capturing a higher market share of the fiber industry, which led to a 45 percent improvement in year-on-year revenue.
Globe Telecom held onto its stellar AAA brand strength rating, clinching the honor of being the Philippines' strongest brand in its rankings. However, the telecoms brand recorded a two percent decrease in brand value to $2 billion and slipped one position to third place.
Jollibee is the fastest growing brand in its rankings, recording a meteoric rise in brand value by 53 percent to $1.6 billion.
"This year, we would like to congratulate PLDT, Globe Telecom and Jollibee for topping Brand Finance's Top 20 Philippines brands rankings as our most valuable, strongest and fastest growing brand, respectively. We also see success in the nation's banking sector, as banking brands' investments to digitalise and improve customer experience have resulted in brand value growth across all brands in the sector," said Alex Haigh, managing director for Asia Pacific at Brand Finance. (CSL with PR)