BSP approves RBI to establish 18 micro-banking offices

The Bangko Sentral ng Pilipinas (BSP) has approved the request of Rizal Bank, Inc., the newly acquired bank of CARD MRI, to open 18 new micro-banking offices (MBOs) in the areas of Sta. Cruz, Laguna, San Fernando, Pampanga, and Taytay, Rizal which hopes to broaden the breadth and depth of accessibility of financial services especially to those unbanked or under-banked women and their families.

Of the 18 approved MBOs, nine will open in Sta. Cruz, Laguna (Majayjay, Magdalena, Cavinti, Siniloan, Famy, Sta. Maria, Mabitac, Paete and Lumban), seven in San Fernando Pampanga (Guagua, Floridablanca, Lubao, Macabebe, Arayat, Mexico and San Simon), and two in Taytay, Rizal (Morong and Jala-jala).

The said MBOs of RBI will engage and offer the following transactional activities pursuant to Section X151 of the Manual of Regulations for Banks (MORB) such as to accept micro-deposits including initial deposit and service withdrawals thereof; to accept check deposits of microfinance clients for collection and credit to own deposit accounts; to disburse/release proceeds of micro-loans and collect loan amortization payments and related charges, and; to present, market, sell and service microinsurance products in accordance to existing regulations.

“This marks another milestone for RBI. It is with great confidence armed with our vision and mission that we will continue to be an outlet for the socially-and-economically challenged women and their families to help facilitate their initial development towards better and improved standards of living.” said Ms. Flordeliza L. Sarmiento, President and CEO of RBI.

Also, Bangko Sentral ng Pilipinas granted the authority to RBI to solicit and accept deposits outside its bank premises in various locations in Rizal and Laguna.

Rizal Bank, Inc. was founded in May 1996 by Greg and Baby Suarez, both veterans of the Bangko Sentral ng Pilipinas, to serve the community in Taytay, Rizal where their family resides. Sharing the same mission to serve the economically and socially challenged women and families, Rizal Bank, Inc. was officially acquired by CARD MRI on January 25, 2013.