General Manager Eric Bustamante: ‘PNB is like home’

By Maricar CP Hampton

When Eric Bustamante accepted the job of general manager of Philippine National Bank New York branch, he was not quite sure what to expect as he was out of the banking circle for a long time since migrating to the United States in 2012. But PNB has  a proud heritage of being the Philippines’s  first overseas bank established in 1917. It was hard to say no.

Eric was confident of his experience and the many awards he had garnered as a banker. Maybe, he could apply whatever industry wisdom he had acquired from the private sector to turn things around. He put his Faith  on the power of prayers to guide him in this new endeavor.

“I leave everything to God,” Eric told The FilAm in a phone interview. “We cannot do anything without the blessing of our Lord.”

So, in 2018, he left the family-owned EB Tax Consultants, a tax and accounting service business in Brooklyn to become the general manager of PNB New York. He supervises two branches in both Manhattan New York and Queens Extension Office.

Within his first few weeks in the bank, he was faced with trials and challenges that he was not expecting.  There was a severe manpower shortage caused by several critical employees’ resignation to move in another industry. Eric found himself doing everything he could to keep PNB functioning against all odds.

“I was helping in operations, customer service and loans of the bank, aside from doing marketing as the general manager” he said. “I had to do everything and make do with whatever manpower resources are left.” It was a herculean task for even the most seasoned banker to hurdle.

Not one to back out of any challenges, Eric  confronted the problem head-on. Hiring was top in his priorities.  He “handpicked” college students, offered them jobs as well as a flexible schedule that allowed them to work at PNB as well as go to school. After all vacant positions had been filled, he said, “I trained them, motivated them and transformed them into a fighting team with a never say die attitude.” GM Eric instilled in the hearts and minds of his young team his fighting motto that, “In order to win a war, you have to stay together. You don’t win a war by fighting each other.” True enough, at the end of 2018 on Eric’s very first year, PNB New York became the “No. 1 and most profitable overseas branch of PNB worldwide.”

This distinction has been proudly carried on by PNB New York for six consecutive years from 2018 to 2023, a record unmatched by any PNB overseas branch. PNB New York is considered the “Bank of Choice” by the FilAm community on the U.S. East Coast, he said.

Easy home financing

For years, Eric has overseen the growth of PNB’s Own a Philippine Home Loan (OPHL), a unique home financing program for Filipinos and foreigners looking to own their dream residential homes and investments in the Philippines. OPHL grants borrowers residing and working in the United States to obtain a dollar denominated loan without age requirement, no co-borrower or attorney in fact, spousal consent on best effort basis, no forex rate risk and no remittance charges.

 “Own a Philippine Home Loan (OPHL)  is well-received by our FilAm communities in the United States.” He said the PNB brand remains a trusted name in financial services.

Eric has also launched an innovative way for clients to open an account, whether with PNB New York or PNB Philippines through video authentication.  This is his way of bringing PNB closer to the people, wherever they are located in the United States.

“I personally do the video call for authentication.  Clients just fill up the account opening forms sent via email, then set up  a video call for them to sign in my presence via video.  After that, client would just send the original documents to PNB New York via mail and we will send them to the respective PNB Philippines branch of their choice,” he explained.

Eric was conferred the PNB Service Excellence Award both in the categories of Customer Service and Extraordinary Leadership. It is the highest accolade given by the home office in Manila to a deserving PNB employee.

PNB is home

Eric joined the banking industry in the 1990s after graduating from college.  He was initially hired as a loans assistant, then loans supervisor at Far East Bank and Trust Company.  He later moved to Metrobank as management trainee and quickly climbed the ranks as senior bank manager and cluster sales head. He was a fast-rising star, did not realize in the beginning he had the smarts and the cutthroat streak of a banker. Not just any banker, but one that values a client as his own family and serves them with a heart. For Eric, a happy customer is the best business strategy of all.

PNB, he said, is more than just a bank for Filipino Americans. It is home. It is where Filipinos hang out for “kwentuhan” with fellow Filipinos “because they missed their families in the Philippines.”

“I think that’s our distinct advantage,” he said. “All our employees are Filipinos, so they feel like they’re at home.I have asked some of our clients, some in wheelchair, why are you staying with us in spite of the distance of New York from New Jersey and other states. They say  “because I miss my family back home and coming  here at PNB New York  feels like home.”

While Eric gives enormous credit to his New York team, he also has his family by his side through all his achievements. He has been happily married to his wife Jedy, a registered nurse for half of his life. They live in a well-appointed home in Matawan, New Jersey with  their two loving children:  Charles Jeric and Camille Erica. Charles is soon to be an occupational therapist, while Camille is studying to be a physician assistant.

“It’s really family first,” he said. “Anytime I have to choose between family events and important events in the community,  I always prioritize my family, and the community understands that.”

Eric is summed up by those who know him as a “model banker” and “devoted family man.”

(C) The FilAm 2023