The economy of the Philippines is projected to grow faster than expected this year as strong domestic demand propels the nation forward despite high inflation and tight fiscal conditions. With the rise of a young and tech-savvy consumer base and an underutilisation of digital technologies, there is a growing need to adopt digital financial services. As such, a digital revolution has swept through the nation’s banking sector with brands increasingly investing in digital banking platforms to upgrade customer experience. Consequently, banking brands in the Philippines saw their brand values[1] head northwards, according to Brand Finance’s Philippines 20 2023 report which ranks the nation’s 20 most valuable and strongest brands.
BDO led the charge as the most valuable banking brand (brand value up 49% to US$2.2 billion), followed by Bank of the Philippine Islands (brand value up 8% to US$1.3 billion) and Metrobank (brand value up by 4% to US$1.1 billion). The sector also saw five new entrants make our rankings this year – Union Bank of the Philippines (brand value at US$557.28 million), Security Bank (brand value at US$331.44 million), Chinabank (brand value at US$278.29 million), RCBC (brand value at US$246.02 million) and Philippine National Bank (brand value at US$234.69 million).
PLDT is the most valuable brand in the Philippines in our rankings this year, powered by a 2% increase in brand value to US$2.6 billion. PLDT’s brand performance contributed to the brand capturing a higher market share of the fiber industry, which led to a 45% improvement in year-on-year revenue. PLDT continues to focus on innovation as a driver to improve customer service and propel the nation towards becoming a financial and technology hub.
On the environmental, social and governance (ESG) front, PLDT deployed the country’s first carbon fiber cell tower as one of its environmental initiatives. This carbon fiber tower seeks to reduce the amount of carbon dioxide produced by up to 70%, as compared to using traditional steel towers. Carbon fibre towers also use less land space, reducing the need for land repurposing. In 2022, PLDT deployed solar panels in five PLDT-Smart facilities across four cities to reduce over 137 tonnes of greenhouse gas emissions as well.
Globe Telecom held onto its stellar AAA brand strength rating, clinching the honour of being the Philippines’ strongest[2] brand in our rankings. However, the telecoms brand recorded a 2% decrease in brand value to US$2 billion and slipped one position to 3rd place. Globe Telecom’s decline in brand value was mainly attributed to the depreciation of the Philippine Peso against the US Dollar, since its value in pesos has risen 9%. In 2022, it reported consolidated service revenues of PHP 157.98 billion due to the strong performance of its mobile and corporate data business, as well as sustained growth from its non-telecoms services.
The brand is at the forefront of 5G network rollouts throughout the nation and looks to expand its global presence. In 2022, it brought 5G connectivity to 70 cities and towns across the Philippines, connecting over 3.9 million devices to its 5G network. To widen its global 5G roaming presence, Globe Telecom has brought its 5G services to 11 new countries and territories this year. These services were made possible through partnerships and deals with telcos brands around the world such as T-Mobile, Digi Telecommunications, CTM, AT&T and Wind Tre. The brand’s efforts have brought fast and reliable connectivity to globetrotting customers.
Jollibee is the fastest growing brand in our rankings, recording a meteoric rise in brand value by 53% to US$1.6 billion. It leaped three positions to 4th place, while retaining a corresponding brand strength rating of AA-. Consequently, its financial performance improved, coupled with greater consumer spending after the pandemic.
The brand’s impressive performance was spurred on by its video promotional campaign titled “Salamat sa Joy ng Muling Pagsasama” (“Thank you for the Joy of Reunion”), highlighting the joy of eating out as pandemic restrictions eased. The campaign’s message resonated strongly with Filipinos who had lost precious family time during the pandemic, encouraging them to rekindle familial ties by having meals at Jollibee. As a result, the brand’s profits soared 200% in the second quarter of 2022 alongside the lifting of pandemic-imposed measures.
Alex Haigh, Managing Director – Asia Pacific of Brand Finance, commented:
“This year, we would like to congratulate PLDT, Globe Telecom and Jollibee for topping Brand Finance’s Top 20 Philippines brands rankings as our most valuable, strongest and fastest growing brand respectively. We also see success in the nation’s banking sector, as banking brands’ investments to digitalise and improve customer experience have resulted in brand value growth across all brands in the sector.”
[1] Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. The full ranking, additional insights, charts, more information about the methodology and definitions of key terms are available in the Brand Finance Philippines 20 2023 report.
[2] Brand Finance determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 150,000 respondents in 38 countries and across 31 sectors.