Assessment of the Opportunities of ASEAN integration to banking industry in Metro Manila

Abstract

The study intends to assess the opportunities of ASEAN integration to the banking industry in Metro Manila. The descriptive survey method was used in this study. The study revealed that 92 or 60.5% aged 25-35 years old; female (107 or 70.4%); college graduates (132 or 86.8%); 18 or 11.8% were branch managers; had working experience of 5 years to 10 years. “The bank consolidates in order to grow in size as to be able to compete with larger foreign banks” attained the highest weighted mean of 3.86 and “The bank builds presence in most ASEAN countries” got the lowest mean of 3.39. Assessments were all in agreement on Wide Financial Services, Banking Regulations and Product Innovation when grouped by profile. When respondents were grouped by age, sex and educational attainment there was no significant difference in the respondents’ assessment on the opportunities of ASEAN integration to banking industry. On the other hand, when grouped by managerial position, there was a significant difference in wide financial services and banking regulation; however, there was no significant difference in product innovation. The banks should consider building presence in most ASEAN countries. Retention incentives should be adopted in banks. This can range from bonuses to professional development. Banks should decide to build more research organizations. To remain competitive, agile banks should work on innovation. The BSP should also be involved in uplifting other financial banks to be competitive in this ASEAN integration. Proper information about what is the current status of ASEAN banking integration from BSP to the bank’s higher management down to banking employees is highly recommended.