Our kababayans are beginning to understand and adopt the concept of insurance, as the Department of Finance (DOF) recently said that the number of Filipinos who own microinsurance policies have more than doubled as of end-2012 compared to 2010 figures. As of end of last year, the DOF said that there were 12.9 million Filipinos …
Agriculture Secretary Proceso Alcala has expressed his desire to further strengthen his agency’s working relationship with the rural banking industry, particularly in improving farmers’ and fisher folks’ access to credit and capital. His latest wish does not come as a surprise, considering that rural banks have long supported the Department of Agriculture (DA) in a …
Inclusive growth has been defined by the National Economic Development Authority (NEDA) as a sustained growth that creates jobs, draws the majority into the economic and social mainstream, and continuously reduces mass poverty. To achieve this goal, development in rural areas has become imperative. Also, the presence of sustainable rural banks and its financial services …
With the law allowing the infusion of foreign equity in rural banks now in place as embodied in Republic Act (RA) 10574, it is expected that foreign investors will start fostering partnerships with local industry players to fuel new investments to boost economic growth in the countryside. In the next months, financial strategies shall be …
The country can expect a stronger rural banks at par with commercial banks in terms of product and services that it can provide to its clientele with the recent passage of Republic Act (R.A.) 10574, which allows foreign investments in rural banks. R.A. 10574, or “An Act Allowing the Infusion of Foreign Equity in the …
Nowadays, projects that involve conservation and recycling are no longer limited to just corporate social responsibility undertakings. Going green has gained mainstream consciousness. Gone are those days where the color green just stands for dollar or any currency for that matter. Environmental protection has already impacted enterprise mentality greatly, so much so that business decisions …
The most agonizing part of post-elections scenario is the “waiting period.” Not just waiting for the election results (which could take a month and, in some cases, even years), but also waiting for the campaign promises made by the candidates, especially by Senate and Lower House hopefuls, to come to fruition. In today’s fast-paced world …
The lack of access to microfinancing is still considered one of the main problems facing rural communities today, as most of them are forced to resort to “5-6” lenders or loan sharks to finance their small businesses. Thus it is viewed that a rural bank-OFW partnership towards delivering microfinance funding will not only provide rural …
Throughout the years, we have seen how the agricultural sector, particularly the farmers, have rescued our economy from collapse. Raising their living standards is decided largely by the priority and investment. One of the many ways to achieve this is by enhancing farm productivity and sustainability. In a typical rural setup, households need a sizeable …
With the rapid advancements in financial systems in both the domestic and global arena, it becomes imperative for the Bangko Sentral ng Pilipinas (BSP) to be attuned with the times. Not only does it need to “ride on the waves” of technology, but it should also adopt internationally accepted principles in both financial and payment …
Rural banks and thrift banks – two separate groups of financial entities committed to serve the “small” market by design – are now in a unique position to help each towards achieving this goal. The Bangko Sentral ng Pilipinas (BSP) said it will allow rural and thrift banks to engage in cross selling, which pertains …
As the rural banking industry waits for the amendment of Rural Bank Act allowing foreign equity, a couple more legislative measures are poised to provide a tremendous boost to the industry’s cause. Under Senate Bill 3255 or “An Act Governing the Creation and Accreditation of Microenterprise Development Institutions [Microdevs],” microfinance institutions like rural banks are …
The mission of the Rural Bankers Association is to support the ability of its members to offer quality banking services to all their constituencies, comply with regulatory requirements, and to promote the welfare of the communities in which they operate.
