MANILA, Philippines – For the 15th consecutive year, the Land Bank of the Philippines (LBP) once more paid tribute to its outstanding partner countryside financial institutions (CFIs).
LBP president and chief executive officer Gilda E. Pico said CFIs have unique strengths and potentials that allow them to truly play a distinct role in countryside development.
“This bounty of possibilities has inspired us over the years to continuously expand support to this sector,” Pico said, adding that the conferment of awards brought with it total cash prizes of P1.95 million.
Conferred with the Golden Award was the One Network Bank Inc. (A Rural Bank) in Davao City, which received a trophy and cash prize of P500,000. The Golden Award is given to a former Hall of Fame awardee which continued to support small farmers and fisherfolk as evidenced by their increasing number of small farmers and fisherfolk assisted and loan portfolio to the sector.
The Rural Bank of Goa Inc. from Camarines Sur was named the most outstanding CFI in the national category, followed by the Gateway Rural Bank Inc. in Bulacan.
The Rural Bank of San Jose Inc. in Camarines Sur bagged the third place while the Rural Bank of Cauayan Inc. in Cauayan City and the Cantilan Bank (A Rural Bank) Inc. in Surigao del Sur landed in fourth and fifth places, respectively.
The first, second and third place winners in the national level received P300,000, P200,000, and P150,000, respectively while the fourth and fifth place winners received P100,000 and P75,000, respectively.
Citations were likewise given including cash prize of P75,000 each to the most outstanding rural banks in three regions: Region 1 – Rang-ay Bank Inc. (A Rural Bank); Region 4-A – Bangko Kabayan (A Rural Bank) Inc.; and, Region 11 – Rural Bank of Digos Inc.
Special awards were also given to the Rang-ay Bank as Best CFI Intermediary (with lowest pass-on rate to end borrowers); Rural Bank of Cauayan Inc. of Isabela as Best CFI Availer – Agri/Agra Loans; Rural Bank of Goa as Best CFI Availer – Microfinance Loans; and Gateway Rural Bank as Best CFI Availer – All Loans.
In the first semester of 2013, LBP extended P9.8 billion in loans to CFIs, benefiting 165,478 farmers and fisherfolk nationwide.