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News Highlights

Chairperson's Statement

It gives me great pleasure to greet all our recognized stakeholders through this 2019 Annual Report. I really hope that such report, which describes our business, initiatives, operations and performance during the year, in review, will help you understand the business purpose, distinct character and industry standing of FICOBank.

The theme—“Rekindling the FICOBanking Spirit”—that we have adopted and championed in 2019, was taken to one’s heart by every member of the FICOBank family. Being true to our business identity, which sets us apart from all other banking institutions, along with our purpose of providing opportunities for economic ascendancy, we, at FICOBank, take pride and pleasure in significantly contributing to the improvement of the well-being not only of our clients but also of their families and communities.

Our Bank’s philosophy and core values serve as our most important factors for success and sustainability. The customers and cooperators of our Bank are our strategic business partners. As has been, and will always be, we grow our partners as we grow our Bank. We bring this lofty intent to fruition by being committed to accomplishing our Bank’s mission and in keeping our brand promise to stay in the business of cooperative banking for good.

Our well-trained personnel continue to serve as our brand ambassadors in our Bank’s 37 operating units in Regions I-II-III and CAR. Since the start of our banking operation in 1980, we continue to undertake our business with the highest standards of professionalism and performance. It’s a time-honored practice for us to do our business in a way and at a level that is better than before, better than others and better than expected.

Even though we have a diverse range of expertise and experience in the Board, we make sure that we always combine and utilize the same to perform effectively in our oversight function and to provide guidance on the strategic direction of our Bank. With such breadth and diversity, our Directors, who also serve as chairpersons and/or members in our Board-level committees, were able to appropriately and effectively perform their respective roles in governance. Our boardroom has been marked by frequent meetings and active engagement with our senior officers. Throughout the year, we undertook comprehensive discussions and analyses of exposures to risks, which include the reviews of the quality and adequacy of our internal controls. With these tasks, our Board was able to carefully assess the ability of our Bank to execute its business strategies in a rapidly-changing business and regulatory environment.

Another key success factor of our Bank is the ability of the Board of Directors and the Senior Management to work well together. To a great extent, we are aware of the explicit expectations that we have to combine our actions for the best interests of our Bank and its key stakeholders. We also recognize the need to oversee the performance of the Management, so as to ensure that all our plans and programs are executed, as they should be.

As Chairperson of the Board, I put into practice my leadership role in setting the “tone at the top” by espousing a culture of shared values. All our endeavors, decisions and actions in the Board, and with the Senior Management, are marked by trust, integrity, fairness, transparency and good governance.

With our rekindled FICOBanking spirit, we made great strides during the year. We solidified our pursuit for business growth and competitiveness. We provided our clients with innovative banking services and adaptive financial solutions. Our incessant passion for customer satisfaction and insatiable fancy for banking excellence ended the year with another unprecedented banking performance.

Our Bank registered a loan volume of Php4.97 billion, with the highest-ever net income of Php145.31 million. As of 31 December 2019, our Bank has total resources of Php4.35 billion, albeit the increase is negligible in comparison with the year-ago record. Above and beyond all other considerations, however, our Bank was able to reduce significantly its borrowings this year. This implies that our direction is skewed toward being financially self-sufficient in the near term.

More importantly, our Bank has eventually breached its first billion-peso mark in capital in mid-2019. Our net worth as of end-December 2019 is Php1.08 billion. It’s a capital build-up endeavor that has been about 40 years in the making. This is an important historical achievement for our Bank, as it is a mark of strength and a yardstick of success. As we cannot expect capital increases of a consequential magnitude from our cooperative-shareholders, our Bank relies heavily on the strength and success of its business operations. With such situation, we zeroed in our focus on generating sufficient levels of annual net income from our business activities—financial intermediation and other related services—to build up our capital.

In retrospect, 2019 marked our 43rd Founding Anniversary. It attests our timeless strength and sincerity to our mission, people, values and culture. Behind this milestone are the 466 personnel of our Bank who bring our core values to life everyday, as we serve our customers and other stakeholders with the highest degree of care and respect. We’re so blessed to be working in a financial institution that performs the dual roles of being a provider of financial services and solutions, and a portal of economic ascendancy.

In closing, I would like to congratulate and thank everyone who, in one way or another, has magnanimously contributed to the success of our Bank in 2019. Such success of FICOBank is a testament to your interminable loyalty and invariable support.

We look forward to be working again on your behalf in 2020.





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