Rizal Bank, Inc. (RBI), a microfinance-oriented rural bank, organizes its first savings caravan with the theme “Pag-iimpok ay laging ugaliin, masaganang bukas ating kakamtin” in Sta. Cruz, Laguna on June 29, 2017.
“With enough savings, we can gain more financial freedom and achieve our financial goals or manage emergencies,” Ms. Elma Valenzuela, RBI President and CEO, said. Valenzuela urges everyone to develop the habit of saving.
In the recent Consumer Finance Survey released by Bangko Sentral ng Pilipinas (BSP), 86% of Filipino households do not have a deposit account in a bank.
While the inclination of saving money increased in the Philippines, Valenzuela encourages the public to save their money in a bank because it is safer and is interest-bearing.
Save at an early age
During the savings caravan, RBI launches its new savings product designed for kids called “Agap-Ipon”.
“We are certain that Agap-Ipon can teach children to be more financially conservative and literate in saving and investing their money,” Ms. Anna Lorraine Maur, RBI Vice President for Finance, said.
With this savings product, children can save money for their future. It requires an initial deposit of Php100 and an average daily balance (ADB) of Php500 to earn interest of 1.5% per annum.
Clients who open their account received a coin banks to teach their children in saving little by little and deposit it to their own savings account at a later time.
Agap-ipon is for open for children 16 years old and below.
Other savings products
RBI also offers Pledge Savings, a weekly compulsory savings for members of the bank; Tiwala Savings, a time deposit account designed for different occasions and necessities; and Kayang-Kaya Savings, a passbook account designed to meet the future needs of the saver.
Valenzuela added that Filipinos must exert effort to save and create an emergency fund even with small amount of money.
Open for improvement
According to Ms. Glenda Atabay, RBI Vice President for Operations, the banking institution listens to the suggestions of their clients to better improve their products and services. “Agap-Ipon is actually a product of the collective suggestions of our clients. This is what they want RBI to offer for their children,” Atabay added.
The event is also in celebration of the savings consciousness week of the BSP. RBI clients and their children attended the savings caravan.
Interactive games were held for children and winners were given prices that will serve as an initial deposit to their Agap-Ipon account.
Right after the program, clients open their Agap-Ipon account for their kids.
RBI is a member institution of CARD Mutually Reinforcing Institutions (CARD MRI) that aims to eradicate poverty through giving Filipino households an access to financial products, microinsurance, health and education, livelihood and other capacity-building services.