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News Highlights

FICOBank Breaches the Php3-Billion Mark in Deposits amid the Pandemic Crisis

For a cooperative bank in the Philippines, breaching a billion-peso level in clients’ deposit accounts is an important milestone. And FICOBank did this, not only once but thrice.

In 2010, FICOBank breached the first billion-peso mark in deposits. It took the Bank 30 long years, since it launched the first salvo of its banking services to the public in 1980, before hitting this mark. In 2016, six years thereafter, the Bank registered its Php2-billion deposit level. Sustaining the cooperative-bank brand’s historic values and qualities that have been passed down from previous generation, and finding the ever-growing popularity and patronage among the new generation of depositing customers, it is not farfetched for FICOBank to record in no time its third billion-peso level of deposit liabilities.

Aside from the rising tide of confidence of the growing number of depositors, it is worthy to mention that the Bank breached the Php3-billion mark in deposits on 26 May 2020—at the time of COVID-19. As this pandemic crisis led to community quarantine (which restricted the movement of people and mandated the closure of non-essential businesses) and brought about economic recession, it should be expected that there would be more deposit withdrawals and account closures. But it was the otherwise. There were more openings of new account and receipts of deposit during the Enhanced Community Quarantine (ECQ)/Modified Enhanced Community Quarantine (MECQ) and the General Community Quarantine (GCQ). Well, it may be attributed to the commitment of FICOBank to open its banking services from Monday to Friday while some banks are only open for four, three or two days a week during this critical period.





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