Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas; Honorable local government officials in Laguna; Mr. Erramon Aboitiz, Chairman of UnionBank; officials and employees of UnionBank; distinguished guests: Good morning.
Thank you for this opportunity to address you today.
Our experience during this pandemic underscored what we already knew: our economy will have to quickly adjust to the trajectory of modern digital technologies if it is to remain viable.
Nowhere is the impact of digital technology more pronounced than in the field of finance. The restrictions on movement and physical interaction during this pandemic put our entire banking system on a forced march towards rapidly innovating on its processes, products, and customer experience.
Our banking sector understands that the old brick-and-mortar industry can no longer suffice. We need to move quickly online, engage our clients through their smartphones, and improve on our internal processes to meet new standards of efficiency. Those that cannot swim in the digital tide will drown in its wake.
It is in this context that I welcome UnionBank’s decision to build an innovation campus. This facility will be a breeding ground for cultivating new talent, evolving new products, and developing new ways to be competitive in the new economy.
It is a landmark for the Philippines’ relentless push towards comprehensive digitization. I understand that this campus will likewise serve as a business continuity facility, backing up the bank’s operations. I encourage the bank to continuously strengthen the cybersecurity safeguards of its digital systems to protect them from potential threats and risks.
UnionBank has earned a well-deserved reputation for cutting-edge innovation. The Bank has also been a reliable partner of the Social Security System and the Bureau of the Treasury that enabled Filipinos all over the world to participate in the government’s bond offerings despite the pandemic. The Bank has been instrumental in helping us achieve President Duterte’s goal of financial inclusion and a comfortable life for all Filipinos.
I wish UnionBank’s Innovation Campus all the success and look forward to even more fruitful collaboration in this coming period of recovery.
Thank you.
-@@@-
Copyright © 2021 Department of Finance