MANILA —  Digital bank Maya remains on target to break even in December this year. That’s despite the P1.9 billion losses in the first half of the year.

PLDT Chairman Manny Pangilinan said he still expects losses in the second half of the year, but will be less than the previous period and significantly less than last year. Full year losses in 2023 was around P6 billion.

“Break-even performance for the month of December. Losses for the first half are substantially lower than last year. Forecast for the second half is lower losses compared to the first half,” Pangilinan said.

Maya, however, faces more competition in the coming years. 

The Bangko Sentral ng Pilipinas recently announced it will reopen the application for four more licenses for digital banks starting in January. 

This lifts the three-year ban on new digital bank licenses to review the state of the current six digital banks in the country.

The six existing digital banks are Maya bank, GoTyme, UnionDigital Bank, UNO Digital Bank, Tonik Digital Bank, and Overseas Filipino Bank. Four more are expected to join next year.

“We have to do better that what we’re doing currently,” Pangilinan asserted.

Maya reported 4 million customers as of June this year with 1.2 million borrowers, a 133 percent jump year-on-year. Deposit balance grew to P32.8 billion and loans disbursed hit P46.8 billion. Maya has also turned cash flow positive in the second quarter.