Zobel-led Bank of the Philippine Islands (BPI) is executing a major expansion of its retail footprint by leveraging a network of more than 7,000 partner storefronts nationwide, bypassing the traditional costs associated with building physical branches and deploying automated teller machines.

In a briefing, Jose Teodoro Limcaoco, BPI president and chief executive officer, said the lender has secured alliances with 34 business partners to offer basic banking services in their retail locations.

The network includes brands owned by major shareholder Robinsons Retail Holdings Inc., alongside supermarkets, pawnshops, convenience stores, and pharmacies.

Limcaoco said the bank chose established brands to ensure consumer trust during transactions, noting that most of these partner businesses are already corporate clients of BPI.

The initiative, dubbed “May BPI Dito,” effectively redefines banking access by converting everyday neighborhood retail outlets into micro-banking hubs.

Beginning July 1, 2026, BPI integrated account opening, deposits, and withdrawals under a single, unified partner-store proposition. Customers can now open accounts and apply for various financial products at locations they frequent during their daily routines, such as groceries and gas stations.

Currently, 1,369 of the 7,000 partner stores are fully equipped to process cash deposits and withdrawals. The strategy is already yielding volume, with more than one million new depositors onboarded through the partner network since the program's inception.

Limcaoco emphasized that the expansion is less about the underlying technology and more about driving financial inclusion by allowing more Filipinos to participate in the formal financial system.

The program has moved through several iterative phases since it launched as a product-application channel in 2023.

Rally Jereza, BPI head of agency banking, said the platform evolved from tablet-assisted services in 2024 to barcode-driven withdrawals via the BPI mobile app in September 2025. By April 2026, the lender completed the transactional loop by rolling out barcode-based cash deposits.

The agency banking model offers a distinct cost advantage in remote areas where low transaction volumes or poor infrastructure make traditional branch or ATM deployment economically unviable.

Eric Roberto M. Luchangco, BPI chief finance officer noted that maintaining and restocking ATMs carries fixed overhead costs that cannot be justified in low-volume regions.

By utilizing the cash ecosystems of existing retail partners, BPI can maintain a presence in far-flung communities at a fraction of the capital expenditure.

Luchangco said the approach optimizes cost efficiency for the lender while simultaneously extending its geographical reach to consumers who would otherwise remain unserved.