SEOUL, 31 July 2014 –Philippine Ambassador to South Korea Raul S. Hernandez characterized the opening on Wednesday, 30 July 2014 of the Seoul representative office of the Philippines’ biggest bank as a sign of the resilience of the country’s economic growth and a reflection of stronger economic ties with South Korea.

Ambassador Hernandez joined BDO Unibank, Inc President and CEO Nestor V. Tan in the bank’s inauguration ceremonies at the Seoul Finance Center, together with key BDO executives, 30 senior officers of Korean bank partners and representatives from Korea's Financial Supervisory Service and Financial Services Commission.

The opening of its Seoul representative office made BDO Unibank the second Philippine bank to open an office and the third to establish a presence in South Korea.

"Our country's resilient economy, credible monetary policy framework and current credit rating are key factors to a more fruitful relationship with South Korea,” Ambassador Hernandez in congratulatory remarks. “Opening BDO Seoul will enable to further attract investment in key industries and contribute to Philippines' prosperity."

Ambassador Hernandez noted BDO’s partnership with the Philippine Overseas Employment Administration (POEA) as laying the foundation in assisting overseas Filipino workers (OFWs).

“You are assured of the Embassy's cooperation through POLO in your endeavor toward the betterment of our OFWs" he stressed, referring to the DOLE’s office at the Embassy in Seoul, the Philippine Overseas Labor Office (POLO).

“Korea will be the most important market to us in Asia,” BDO President Tan said in his opening speech, adding that BDO is the only Philippine bank with a Korean desk. "With the establishment of our Seoul Representative Office, we wish to serve our kababayan (compatriots) in Korea as well as the rapidly growing Korean business community in the Philippines."

President Tan credited the Korean government’s transparency for making it easier for BDO to acquire a business permit. With the opening of its Korean office, BDO plans to expand its business throughout Asia.

According to its officials, BDO Unibank had a net income of PHP22.6 billion (530 billion KRW) in 2013 and recorded a net yield rate of 11 percent. President Tan also mentioned that the Korean government’s transparency made it easier to acquire a business permit. Starting with Korea, BDO plans to expand its business in Asia.

Part of the SM Group, BDO Unibank, Inc. is a full service universal bank in the Philippines. It has one of the largest distribution networks with more than 850 branches in the Philippines. It has a branch in Hong Kong as well as 13 overseas remittance and representative offices in Asia, Europe, North America and the Middle East.

Prior to BDO, Metrobank, the second largest in the Philippines, started operations in Namdaemun district in Seoul in April 1997 as part of a reciprocal arrangement that allowed the entry of the Korea Exchange Bank (KEB) in the Philippines. It opened a second branch in Busan in January 2000 and now operates outlets in Hyehwa, Incheon, Ansan and Daegu.

The Philippine government-owned Landbank, the country’s fourth largest, sent its first representative to Korea in 1995. While it currently does not have a Korea-based representative, it maintains a partnership with Korea Post, Shinhan Bank and Woori Bank.

Bank of the Philippine Islands (BPI), the banking unit of conglomerate Ayala Group and the Philippines’ third biggest bank in terms of assets, has also had intermittent presence in Seoul and has a correspondent bank in South Korea.