Economic Sustainability


Procurement Practices

We carefully select our suppliers and contractors via our BSP-compliant accreditation/re-accreditation process. We require vendors to secure Environmental Compliance Certificates for projects that may impact the environment.

We conduct canvassing and bidding to secure the best deals for the Bank.

Our business units are guided by our Outsourcing Policy, which follows BSP regulations. We also secure certifications from relevant government agencies to make sure our manpower services providers are legitimate and in good standing with the Social Security System, Pag-IBIG Fund, and PhilHealth in payments and contributions.

Our procurement team continuously expands our network of reliable vendors, including backup vendors in case of extreme exigencies. We see to it that their payments are promptly settled.

Every year, we evaluate our vendors to determine whether contractual agreements will be renewed or terminated.

We prioritize working with local suppliers. As such, the ratio of our procurement spending on local vendors increased to 94% in 2022 to 82% in 2021.

We work with experts to align our practices with industry benchmarks in supply chain management. For instance, we are acquiring a new Procurement and Vendor Management System, which provides better analytics and makes it easy to integrate third-party risk management.

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