The prolonged community quarantine (ECQ) in Luzon, due to Covid-19, has seen many Filipinos gradually switch to using online banking services, especially as movements of personnel and non-essential goods have been limited to control the spread of the pandemic. . Transferring money, monitoring finances and managing funds is now increasingly done with the security of people’s homes.
According to Nicholas Mapa, senior economist at ING Bank, the growth of the Philippine economy could fall as low as -0.1 percent if the situation does not improve in May. This means that major economic factors such as consumer spending, OFW remittances and local commerce and tourism are slowly decreasing, ultimately affecting the way people manage their finances during this period.
“In many ways, we now see that Filipinos are more aware of the need to increase their savings and maintain an emergency fund. As a fully digital bank, we want to continue to be our customers’ partner in financial security. Therefore, we decided to keep ING Savings’ interest rate at 4% per year *. In this way, we hope to give our customers the assurance that their money will continue to grow with ING as a sustained economy or for any emergency need, ”said Hans Sicat, national manager of ING Bank in the Philippines.
“Our mobile app remains accessible 24/7, in our promise to provide Filipinos with simple, easy and convenient banking services. We know that, at the moment, it is highly necessary to manage your money digitally, so it is important that we maintain our no-fee policy when customers transfer funds from ING to other local banks. “
In addition to maintaining the interest rate, ING Bank, together with its global processing and support center, ING Business Shared Services, Manila has pledged to donate € 100,000 to various health and non-governmental organizations in response to immediate needs . True to its longstanding partnership with the United Nations Children’s Fund (UNICEF), ING is also supporting Unicef’s donation initiative to provide assistance to the local health sector in the Philippines.