ING Bank is growing even more aggressive as it tries to lure more Filipinos to sign up with its online banking platform.
The Dutch banking giant’s Philippine unit is offering a 4 percent interest on savings accounts until Oct. 31 this year, higher than what is being offered by local lenders.
“For the most part, we’ve seen the Philippines post negative real interest rates (BSP rate less inflation) which has only corrected recently with inflation back within target,” said ING Bank economist Nicholas Mapa.
This breaks the trend of lower inflation, which also calls lower interest rates.
ING is banking on an all-digital platform to attract more new depositors.