The Ayala Group's Bank of the Philippine Islands (BPI) expects strong loan growth and lower credit expenses to boost 2023 profits over last year's record earnings. 'The budget is to beat last year. That's the plan,' BPI president Jose Teodoro Limcaoco told reporters on Wednesday as the banking giant launched its new mobile app. The country's third-largest lender, which ended 2022 with a historic high profit of P39.6 billion, sees its loan portfolio growing in the 'low teens' this year as the continued reopening of the economy fuels expansion, especially in the first half of 2023.

https://business.inquirer.net/395587/bpi-eyes-another-record-year-on-loan-demand-surge

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