Despite the country's transition from the pandemic to normalcy in 2022, the past year 2023 continued to be a challenging period and equally difficult for the cooperative/rural banking industry due to the lasting effects of high inflation and interest rates, and rising commodity prices impacted by geopolitical uncertainties, and calamities affecting the agricultural sector. Nonetheless, the overall Bank earnings remained healthy, aided by the robust revenue-generating activities (sales of high-earning loan products, handling of key accounts, and disposal of acquired properties) and effective management of expenses.

   Considering all of the foregoing challenges in its business environment, we understand the importance of maintaining our Bank's profitability through effective management of our income and expenses. Profitability is crucial in our business operations, and there's no alternative in ensuring to remain robust. With it, FICOBank reported a net income of Php147.99 million in 2023, representing a 98.00 percent performance rating against the whole-year target for the year 2023. Our Bank achieved sustained success and profitability in its business by implementing effective strategies, which include not only managing revenues and expenses but also optimizing our assets and liabilities.

   While we aimed to meet all our financial goals, there are challenges in certain key result areas. However, our overall financial performance remains highly satisfactory. On a positive note, our 2023 plans and programs were implemented well as we successfully executed our key reform initiatives, and created/enhanced policies, procedures, processes, and systems for the efficient functioning of our Bank. Also, programs, projects, and other initiatives were embarked to support our operating units.

   We continued our expansion into new markets and opened our new branch in Camiling (Tarlac). Further, we submitted to the BSP our application for the conversion of our branch-lite-units (BLUs) in Ramon and Cabatuan (Isabela) into regular branches to offer the full array of the Bank’s products and services, as well as deepen our relationships, to our clients in the area. By formally converting these BLUs and opening more operating units in 2024, our Bank will continuously demonstrate its commitment to providing “near-you” servicing for its target market. Thus, this expansion will enhance our market reach, and strengthen our operational performance.

   Looking towards 2024, our resources and efforts will be directed toward “Bridging the FICOBank’s Legacy to the Digital Horizon”. We believe that as we explore and harness the potential of digital banking, FICOBank is on the right pace in realizing its vision of becoming “BETTER, BIGGER, and STRONGER” in the years to come.

   The year 2023 has been a year of challenges and growth, indeed the “New Era of FICOBanking”. We extend our gratitude to our shareholders and esteemed clients for your support and trust. To our dedicated employees, we value your dedication and efforts. Let us continue to work together to build for the future, and make a meaningful impact on the countryside we serve.