BDO wins big at the Asian Banking & Finance Awards 2024 with groundbreaking innovations

Pioneering financial education, wealth management excellence, and cutting-edge retirement solutions propel BDO to the forefront of the banking industry.

BDO has once again solidified its standing as a premier financial institution in the Philippines by clinching several prestigious awards at the Asian Banking & Finance Awards 2024 in Singapore. This year's accolades underscore BDO's remarkable achievements across multiple banking sectors, as well as its unwavering commitment to excellence, innovation, and customers.

BDO has garnered a trio of prestigious accolades at the ABF Retail Banking Awards 2024:  Financial Inclusion Initiative of the Year for BDO Foundation, Private Bank of the Year for BDO Private Bank, and Retirement Solutions of the Year for BDO Unibank, Inc. In addition, BDO Unibank earned the Philippines’ Domestic Cash Management Bank of the Year award at the ABF Wholesale Banking Awards 2024, while BDO Capital & Investment Corporation was recognised as the Philippines’ Corporate and Investment Bank of the Year for the 7th straight year strengthening its leadership in investment banking.  BDO Capital also won the Green Deal of the Year and Project Infrastructure Finance Deal of the Year at the ABF Corporate and Investment Banking Awards 2024. 

This article explores the initiatives and strategies behind these significant wins and their impact on the banking landscape in the Philippines.

BDO Foundation's Groundbreaking Financial Education for Armed Forces
BDO Foundation has made a pioneering contribution to financial inclusion through its collaboration with the Armed Forces of the Philippines (AFP) and Bangko Sentral ng Pilipinas (Central Bank of the Philippines). This comprehensive financial education programme, aimed at enhancing the economic welfare of military personnel, is the first of its kind in the country. It directly contributes to the Sustainable Development Goals related to financial inclusion, marking a significant milestone in financial literacy.

The programme targets over 152,000 members of the Philippine Air Force, Army, and Navy, integrating financial education into their career courses and developing tailored educational materials. As of December 2023, the initiative has already impacted 37,468 armed forces personnel, with a strategic nationwide deployment ensuring that financial literacy becomes a core competence across the military. This earned BDO Foundation the Financial Inclusion Initiative of the Year - Philippines at the ABF Retail Banking Awards 2024.

BDO Private Bank's Committed Wealth Management
Amidst significant challenges of economic volatility and fluctuating markets, BDO Private Bank demonstrated exceptional commitment and steadfastness to its clients. These efforts earned it the award of Private Bank of the Year - Philippines. The bank introduced new capabilities, highlighted by the launch of a new client portal providing real-time portfolio insights and enhancing client engagement and decision-making processes.

BDO Private Bank also solidified client relationships by providing exclusive access to sought-after financial market and valued investment discussions, as well as, expanded wealth services, which include brokerage and offshore account options through BDO’s international branches. With a robust onshore presence unique in the Philippines, the bank continues to lead in delivering sophisticated wealth management solutions to its clients.

BDO Unibank’s Pioneering PERA Programme
BDO Unibank's instrumental role in promoting the Personal Equity and Retirement Account (PERA) has fostered a culture of savings and investment for retirement amongst Filipinos, garnering them the Retirement Solutions of the Year - Philippines award. As the first accredited PERA administrator, BDO has led the market with innovative offerings, including employer-sponsored PERA programmes, providing substantial tax benefits to contributors and promoting employee retention and financial wellness.

In 2023, BDO expanded its PERA contributions by 300%, demonstrating a strong market dominance and commitment to enhancing the retirement readiness of Filipinos. The bank’s efforts have significantly increased the accessibility and attractiveness of PERA as a key component of retirement planning in the Philippines.

BDO Unibank’s Digital Transformation of Cash Management
BDO Unibank's leadership in the banking industry was further cemented by clinching the Philippines Domestic Cash Management Bank of the Year award at the ABF Wholesale Banking Awards 2024. This recognition comes on the back of their innovative approach in cash management, particularly through the "Humanising Cash Management: Empathy in Payment Systems" initiative.

As digital retail payment volumes surged by 42.1% from 2013 to 2022, BDO Cash Management Services (CMS) has embraced the challenge of balancing efficient digital tools with personalised human interaction. This approach ensures seamless, secure, and trust-based experiences for its clients, addressing the psychological needs of businesses and customers alike.

In 2023, BDO CMS processed 136 million transactions valued at US$312 billion, securing significant market shares across various payment platforms. The bank also saw a remarkable 19% growth in Corporate Deposit Balances, translating to US$4.5 billion by the end of 2023. These achievements underscore BDO’s unwavering commitment to excellence in cash management services.

Leading the Market in Corporate & Investment Banking
BDO Capital & Investment Corporation has cemented its leadership in the investment banking sector by securing multiple accolades at the ABF Corporate and Investment Banking Awards 2024. The firm was honoured as the Corporate & Investment Bank of the Year - Philippines and also received the Green Deal of the Year - Philippines and Project Infrastructure Finance Deal of the Year - Philippines awards. These awards reflect BDO Capital's innovative strategies and significant projects in the investment banking field.

Despite the challenges posed by the pandemic, BDO Capital has continued to provide outstanding advisory services to its clients. The firm has prioritised digital transformation and business continuity, improving client coverage and market presence. This strategic approach has enabled BDO Capital to secure engagements from both new and repeat clients as the market recovers.

BDO Capital remains focused on leading in debt capital markets and selectively pursuing public and private equity transactions. The firm continues to engage in high-value acquisitions and project finance transactions, leveraging the strong balance sheet of its parent bank, BDO Unibank. With a comprehensive suite of products that includes investment banking, stock brokerage, and commercial banking, BDO Capital has attracted significant client engagements and built a robust transaction pipeline, which has contributed to its recognition as the Corporate & Investment Bank of the Year - Philippines.

MRT-7 Project
BDO Capital played a key role in financing the MRT-7 Project, a 22-kilometre Metro Rail Transit system set to significantly ease congestion on Metro Manila’s roads, earning it the Project Infrastructure Finance Deal of the Year - Philippines award. Led by San Miguel Corporation (SMC), the project includes a 19 km highway and an Intermodal Transportation Terminal. Slated for completion in 2025, MRT-7 is expected to serve up to 850,000 passengers daily, boosting economic growth along its route.

The MRT-7 Project Finance loan, the largest-ever peso-denominated syndicated term loan in the Philippines, amounted to PHP100 billion (approximately US$1.7 billion). BDO Unibank led the 15-year facility, which reached a financial close in June 2023. This high-impact project is a cornerstone of the Marcos administration’s “Build Better, More” infrastructure programme, designed to address decades of underinvestment in mass transportation.

ACEN Corporation’s Renewable Energy Expansion
BDO Capital was instrumental as Joint Issue Manager and Joint Lead Underwriter in ACEN Corporation’s issuance of PHP25 billion perpetual preferred shares, securing the Green Deal of the Year - Philippines accolade. This innovative offering, featuring a pioneering fixed-for-life structure, was crafted to accelerate ACEN's renewable energy expansion and diversify its funding sources.

Despite market uncertainties driven by inflation and global tensions, the offer received a warm reception from both institutional and retail investors. The successful issuance, which fully exercised an oversubscription option, will enable the development of more than 1 gigawatt of renewable energy projects in the Philippines.

BDO Unibank's triumph at the Asian Banking & Finance Awards 2024 underlines its commitment to delivering innovative, client-centric solutions across various banking sectors. From groundbreaking financial education programmes for the armed forces to demonstrating resilience in wealth management and leading the market in retirement solutions, BDO's achievements reflect its dedication to excellence and innovation. The bank's success in digital transformation, cash management, and corporate and investment banking further solidifies its position as a leader in the financial industry, poised to continue driving positive change and growth in the Philippines.

The ABF Retail Banking Awards is presented by Asian Banking & Finance Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be recognised for your company's cutting-edge products, services, and solutions that made a positive impact on your customers, please contact Julie Anne Nuñez at julie@charltonmediamail.com.