Security Bank optimistic on sustained regional growth in Mindanao

BUSINESS
By PR
October 23, 2019

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Security Bank Corporation (SBC) held the final leg of its first economic forum roadshow in the gateway of Northern Mindanao and brought together experts who highlighted key areas for sustainable and inclusive development in the region. The symposium also marks the bank’s fifth and last economic forum for 2019.

Security Bank continues to see promising investment opportunities in Mindanao with the region’s impressive economic growth, which spurred demand for several infrastructure projects and real-estate developments in the area.

“We always keep a close eye on the exciting developments in Mindanao. Since 2016, there has been a gradual increase in GDP share of the region. More economic hubs in Asia, especially Southeast Asia, look at Mindanao as an investment destination in the South,” said Security Bank Assistant Vice President and Chief Economist Dan Roces. 

Host city Cagayan de Oro (CDO) has been tagged as one of the most competitive cities in the country, as well as a growth-driver of Northern Mindanao. Dubbed as a city of trade links in the South, CDO makes for a strategic choice for businesses, as it is an entry point of goods to over 22 million consumers and serves as the most efficient exit for Mindanao’s agricultural and industrial products. Earlier this year, its gross regional domestic product increased by 7.0% from 2018, owed to the accelerated growth of their service and industry sectors.

Security Bank President and CEO Sanjiv Vohra said, “Security Bank has an active presence in Mindanao. Today's economic forum is a testament of our continued support in the region.”

Vohra, who visited Davao last month, also expressed how the region’s success in its industries has contributed to the economic growth of the country.

“CDO has continued to impress with the city’s ability to support transportation infrastructures (land, sea and air facilities), economic zones, and other economic support structures from both government agencies and the private sector. The city has been able to offer more employment opportunities contributing to the South’s overall growth. Security Bank is here to support the continued progress of Mindanao’s 2nd largest city, through our 4 branches in CDO out of 30 in Mindanao,” Vohra added.

Topics covered during the forum included Cagayan de Oro’s investment and development potential, challenges to economic policy in Mindanao, and Mindanao’s position in relation to the Philippines, the ASEAN, and the rest of the world.

The forum showcased comprehensive presentations from Jhon Louie Sabal, Faculty member of the Department of Economics at Xavier University; Romeo Montenegro, deputy executive director of Mindanao Development Authority; and Robert Dan Roces, assistant vice president and chief economist of Security Bank.

Security Bank has organized a series of fora in five emerging business centers across the country to provide in-depth discussions on Philippine economic growth and investment climate – both from economic and political perspectives. This roadshow is just one of the many ways the bank has supported national development initiatives, especially in key growth areas. The bank has actively supported businesses, including small and medium enterprises, in Mindanao, and has created opportunities through its diverse portfolio of products and services.

Aside from its client-centric initiatives, Security Bank has also brought its BetterBanking promise closer to different communities through various corporate social responsibility (CSR) projects. To date, Security Bank Foundation, Inc., the bank’s CSR arm, has turned over 111 classrooms to 21 schools, and has trained 384 teachers in Mindanao as part of its “Build A School, Build A Nation: The Classrooms Project” program.

Over the years, Security Bank has maintained a constant presence in Mindanao in line with its transformative, long-term mission to enrich lives, empower business and build communities.


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