As banks in the Philippines continue to move their operations into the Internet, the Banking Association of the Philippines (BAP) assured the public that this will translate to more jobs in the sector.
BAP managing director Benjamin Castillo assured the public that digitalization of the sector does not mean banks will start laying off workers. Instead, the banks are diversifying so they will need new employees to meet up with the demand.
This is contrary to what many expected, that the transition will mean lesser jobs to be filled. The rise of emerging technologies such as blockchain is driving the rapid digitalization of the banking sector, and the banks needed the manpower to facilitate the transition.
“We need graduates who are willing to take up the challenge in moving the sector forward in the age of the digital revolution. – Benjamin Castillo, BAP Managing Director
In a recent report, BAP members like Banco De Oro (BDO) and Bank of the Philippine Islands (BPI) have expressed enthusiasm with the blockchain. BDO president Nestor Tan acknowledged the efficiency and lessening of reconciliation (using a different set of records to ensure that the data are correct and in agreement) if such transactions and records are in the blockchain. BPI chairman Jaime Augusto Zobel de Ayala thinks that the blockchain will be the platform where transactions will get facilitated and recorded in the future.
Mr. Tan of BDO thinks that soon, all banks will eventually move into the blockchain.
However, banks are still cautious with cryptocurrencies. For BPI president Cezar Consing, crypto’s ability to be an alternative to regular currencies is very small because of their volatility.
Union Bank has pioneered a permission blockchain in the Philippines with Project i2i, a blockchain-based initiative to connect rural banks with each other in the Philippines.