A COMPANY ASSESSMENT FOR
BDO UNIBANK, INC. HEAD OFFICE
7899 Makati Avenue
Makati City
IN PARTIAL FULFILMENT OF THE REQUIREMENTS
FOR THE SUBJECT
BUSINESS OPERATIONS PRACTICUM
Submitted to
Mrs. Geliata Colon
OJT Coordinator
SUBMITTED BY:
Marian Jane V. Obag
COMPANY ASSESSMENT OF BDO UNIBANK, INC. HEAD OFFICE
I.
BACKGROUND
Company mission and vision
Mission
To provide exceptional, quality service to our clients and an environment
where our people can pursue a challenging, fulfilling and rewarding caree r.
Vision
To be the firm of choice for clients and top -quality professionals.
HISTORY
BDO Unibank, Inc., located at 7899 Makati Avenue, Makati City, began operations on
January 2, 1968, as a savings bank named Acme Savings Bank. The head office is the center
of all transactions for all banks. Insurance, investments etc. from various branches of BDO
banks in the Philippines. These include private banks, rural banks, and others.
With two branches in Metro Manila, Acme was one of the smallest banks in the Philippines
at the time. In November 1976 Acme was acquired by the Sy Group, the group of companies
now owned by retail magnate Henry Sy and renamed Gold Savings and Mortgage. Bank. To
bring the bank's new status up to date, BDO was renamed Banco de Oro Commercial Bank
and in September 1996 BDO became a universal bank, resulting in the bank's name
changing to the current Banco de Oro Universal Bank (BDO Unibank, Inc.) has been
changed. It is one of many banks owned by a Chinese Filipino in the Philippines (others
include Metrobank and China bank). BDO Unibank, Inc. finally got into insurance services (it
is a bancassurance firm) in 1997 by forming a subsidiary called BDO Insurance Corredores.
In 1999, BDO Unibank, Inc. expanded its insurance services through partnerships with
Zamora Assurance and Assicurazoni Generali spa, one of the world's largest insurance
companies, and Jerneh Asia Berhad, a member of Malaysia's Kuok Group.
BDO Unibank, Inc. subsequently merged in March 2000 with its insurance subsidiaries
Generali Pilipinas Life Assurance Company and Generali Pilipinas Insurance Company SM
Group in 1976. BDO listed its shares on the Philippine Stock Exchange on May 21, 2002.The
company merged with Equitable PCI Bank in May 2007. credit (corporate, commercial,
consumer and SME); treasury; Trust; credit cards; management of the company's treasury;
and transfers. Through its subsidiaries, the company offers leasing and financing;
investment banking; private banking; bancassurance; brokerage of insurance; and stock
brokerage services.
NATURE OF BUSINESS
BDO Unibank, Inc. is engaged in the provision of commercial bankin g services. It operates
through the following segments: Commercial Banking; investment banking; private banking;
leasing and financing; For sure; and other. The Commercial Banking segment deals with all
credit, commercial financing, and cash management ser vices for corporate and retail
customers. In addition to classic loan and deposit products, the Investment Banking
segment offers services for corporate customers. Investment and structured products for
wealthy private individuals and institutional clients . The Leasing and Financing segment
includes outright leases, sale -leaseback agreements and real estate leases. The Insurance
segment includes insurance brokerage and life insurance business by providing protection,
education, savings, retirement, and esta te planning solutions to individual and corporate
customers through life insurance products and services. The Other segment focuses on
wealth management, real estate management, remittance, accounting, credit card service
and IT service. The company was in corporated on August 16, 1967, and is headquartered in
Makati, Philippines.
II. Statement of the Problem
a. What are the impacts of COVID-19 pandemic to the stakeholders of
your chosen company: employees, customers, society?
The pandemic triggered fear in society. Healthy security became an issue for the whole
country. The way people go about their daily lives is changing and they are becoming more
health conscious. The meeting is limited. Trust to receive money to support yourself, send
money, get insurance, or get credit to sustain yourself during this time of crisis.
Frontline workers enjoy the trust of people in society, and bank employees are one of
them. Some are sending money to relatives through bank accounts as travel is restricted as
introduced by the government to contaminate the spread of the virus.
BDO employees were afraid of contracting the virus, but they must be brave and face their
work every day to serve customers because the situation did not freeze the bank's
operations. They also had difficulty getting to their place of work. since there were limited
commercial vehicles. Employees who are unable to work for health or physical reasons can
take vacation. Do not work from home, as company work is confidential and cannot be
carried out outside the bank's premises. They became aware of their health safety.
customers come and go in the various divisions. Although they fear the virus, the need to
go to the bank to withdraw money cannot be ignored. Like employees, customers have had
difficulty getting to the bank or ATM due to the limited transportation options. Some
customers also find it difficult to withdraw their money from ATMs because of the face
protection.
b. Based on your research, what courses of action did your chosen
company implement to mitigate the effects of the pandemic? Are
these efforts enough?
Through the course of Pandemic, banks played an important role
to surpass the problems faced by the people. Bank employees serve
as the frontliners as financial institutions are one of the business
establishments that must operate amidst the pandemic. BDO
Unibank Inc. sees to it that their stakeholders will still stay safe and
healthy with the threat of the virus lurking around them.
BDO Unibank Inc employees bravely face their work on the field.
Since they are working with monetary transactions, most of the works
are done at the office. The firm make sure the employees are
equipped in serving the customers. They are equipped with the
proper safety equipment’s like facemask and face shield. The
facilities are also disinfected to ensure that no virus will be lurking
around them. The company also provides hazard pay for the
employees reporting to the office as directed by the government.
Employees who are not physically fit to work are opt to take their
leave.
The head office is not directly transacting with the customers. The
firm continue to render their service to the customers through the
branches nationwide. Financial transactions are still available even
with the threat of the virus. Customers can use the atm machines or
can have online banking. Services are still rendered even through
phones and online. The walk-in customers in the branches are
ensured with their safety as every customer have to fill up a contact
tracing form, required to wear protective gear, temperature checked
and sanitize before going inside the facility.
The banks continuous services provided great help to the
community. The circulation of the money are still available. The
company still provides the community with the quality service and still
help the economy despite the pandemic.
I think the action of the BDO Unibank is commendable. They
continuously provide quality service to the people. People can still
withdraw money when they needed despite the pandemic.
Insurances are still processed. The care they provided to the
stakeholders is good. They show that everyone is important to the
company which makes good rapport to them and gives their company
credit. It is good to their company’s integrity and branding. They will
gain more trust not just from the employees, but also from the
customers and the community.
c. How do you think your chosen company can rise above the
challenges brought by COVID-19 Outbreak?
The company had continuously served the people and the
customers throughout the pandemic. The financing institutions are
not muchly affected by the pandemic. The operations of the company
have shorten for a period of time. The transactions they process are
limited and fewer than the normal number of transactions. But some
transactions can be done through online in their website or through
mobile banking apps. I think, they can surpass this challenge by
upgrading the systems of their mobile banking. Adding transactions
that will have ticket numbers can be added to the application. This
ticket number will be use for faster processes of transactions on the
business establishment. The applications provided must be ensure
that to not crash or bug. Another action is to have a new type of
account where the initial deposit and the maintaining balance will be
lower. This will attract more new customers to open account on the
bank. They must also address all the customers issues regarding
their accounts and their money that have been unsolved to gain the
trust and credibility so customers will trust them more and
recommend them to other prospective customers.
REFERENCES
M., M. (n.d.). BDO History. Course Hero.
https://www.coursehero.com/file/22471274/History/
Newsroom. (n.d.). BDO Unibank Inc.
https://www.bdo.com.ph/news-and-articles/bdo-branches-reach-1000nationwide
Wikipedia contributors. (n.d.). Banco de Oro. Wikipedia.
https://en.wikipedia.org/wiki/Banco_de_Oro