( From L-R: Mr. Danilo A. Alcoseba -
PBB President and CEO, Johnny Noe E. Ravalo
- BSP Managing Director, Amb. Alfredo
M. Yao – PBB Chairman, Gov. Amando
M. Tetangco, Jr. – BSP Governor
and Monetary Board Chairman, Mr. Francis
T. Lee – PBB Vice-Chairman and Mr.
Manuel C. Valdez – VP, PBB Head
of International Banking Group.)
Philippine Business Bank (PBB), the banking
arm of Zest-O Group of Companies owned
and controlled by business tycoon Amb.
Alfredo M. Yao became the first savings
bank to be granted the authority to issue
Foreign Letters of Credit (LC) and pay/accept/negotiate
import/export drafts/bills of exchange
by the Bangko Sentral ng Pilipinas (BSP).
This authority complements the thrust
of PBB to cater to the financial requirements
of business ranging from medium to large
Philippine Business Bank has 49 branches
operating nationwide situated in key cities
and business centers. Another 6 branches
will be opened within the quarter, and
another 5 to 7 more are in the pipeline
At the end of April 2010, PBB had total
assets of P18.4 Billion while it recorded
a net income of P122 million for the first
four months of the current year.