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BankCom recognized as one of Mandaluyong City’s Top Taxpayers for 2023

HomeNewsBankCom recognized as one of Mandaluyong City’s Top Taxpayers for 2023

February 20, 2024

San Miguel Corporation affiliate Bank of Commerce (BankCom) has been honored as one of Mandaluyong City’s top 10 taxpayers for 2023 during the city’s 79th Liberation Day and 29th Cityhood Anniversary celebration held on February 7, 2024, at the Wack Wack Golf and Country Club.

The universal bank received this recognition, along with parent company San Miguel Corporation, based on the official list provided by Mandaluyong City’s Business Permit and Licensing Department.

BankCom recognized as one of Mandaluyong City’s Top Taxpayers for 2023 1

Community impact. BankCom’s CFO Antonio Laquindanum (4th from left), Branch Banking Group OIC Anna delos Santos (6th), Main Office Branch Head Lolit Carlos (8th), and Relationship Manager Liberty Balgemino (7th) received top taxpayer citation from Mandaluyong City Mayor Benjamin Abalos, Sr. (5th) and Vice Mayor Carmelita Abalos (3rd). Photo courtesy: Mandaluyong PIO

The Bank’s commitment to fulfilling its tax obligations has made it a vital contributor to the city’s economic growth and progress.

“This recognition highlights BankCom’s continued efforts to support the progress of Mandaluyong City and its residents. By diligently meeting its tax obligations, the Bank actively contributes to the implementation of vital public services and infrastructure projects that improve the quality of life of every Mandaleño,” said BankCom’s President and CEO Michelangelo R. Aguilar.

“As one of the leading financial institutions in the Philippines, BankCom takes great pride in being a responsible corporate citizen. Through its unwavering dedication to upholding the highest standards of integrity and transparency, the Bank has established itself as a trusted partner for individuals, businesses, and the community at large,” he added.

Bank of Commerce (BankCom) posted a record net income of ₽2.0 billion for the period ended 30 September 2023, outperforming the full-year 2022 profit of ₽1.8 billion by 12%. The third quarter result is also 35% higher than the ₽1.49 billion net income in the same nine-month period last year. This historic high performance translated to an ROE of 9.27%. Sustained growth in the bank’s core revenue streams, higher interest margins and growth in fee-based income (investment banking, credit card, trust, and trade finance) were the main drivers of the solid performance.

About Bank of Commerce:
BankCom is a publicly listed universal bank, licensed by the BSP. The Bank has been operating since 1963 and traces its origins to the Overseas Bank of Manila with headquarters in Binondo, Manila. In 2008, BankCom became an affiliate of SMC and introduced its new logo bearing the SMC escudo. In December 2020, the Intellectual Property Office (IPO) granted the trademark license for “BankCom” as the Bank’s official short name.

The Bank has a network of 140 branches and 264 automated teller machines (ATMs) as of 30 September 2023 strategically located nationwide.

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Bank of Commerce is regulated by the Bangko Sentral ng Pilipinas. https://www.bsp.gov.ph
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